Raw Materials, Profits, and the Productivity Slowdown
利用要素价格前沿框架，分析原材料价格上涨对制造业生产率的影响，发现其解释了美、英、德、日四国制造业生产率放缓的很大一部分原因，并指出双重缩减增加值核算存在测量偏差。
A factor-price frontier framework is used to clarify the analogy of an increase (decrease) in raw material prices with autonomous technological regress (progress). Factor-price profiles are estimated for the manufacturing sector of the United States, the United Kingdom, Germany, and Japan. The production model, in conjunction with estimates obtained from the factor-price frontier, attributes much of the slowdown in manufacturing productivity to the rise in relative raw material prices. Part of the apparent productivity riddle may have to do with the use of double-deflated national accounting measures of value added, which have an inherent measurement bias.