The Relative Price of Nontraded Goods and Sectoral Total Factor Productivity: An Empirical Investigation
基于巴拉萨-萨缪尔森模型，利用14个OECD国家的面板数据，实证检验非贸易品相对价格与部门全要素生产率之间的协整关系。
This paper examines the relationship between the relative price of nontraded goods and sectoral total factor productivities (TFPs) in the context of the Balassa-Samuelson model. With perfect capital mobility internationally and perfect factor mobility domestically, the relative price of nontraded goods is predicted to be independent of preferences over traded and nontraded goods, and completely determined by TFPs in the traded- and nontraded-goods sectors. Panel cointegration and unit root tests, applied to a panel of fourteen OECD economies, indicate that the relative price of nontraded goods and the labor-share-adjusted TFP differential are cointegrated with the unit cointegration vector. © 2003 President and Fellows of Harvard College and the Massachusetts Institute of Technology.