The Magnitude of the Task Ahead: Macro Implications of Heterogeneous Technology
放松了各国生产技术相同的假设，允许全要素生产率因国家和时间而异，并处理内生性和全球冲击的截面相关性。利用48个经济体的制造业数据，发现共同技术假设被拒绝，且错误假设会显著影响TFP估计的模式和大小。
The empirical growth literature is dominated by accounting and regression methods that assume common production technology across countries. Our empirical model relaxes this assumption and further allows unobservable determinants of output (total factor productivity, TFP) to differ across countries and time, while accounting for endogeneity and cross‐section correlation arising from global shocks. Using manufacturing sector data for 48 economies, we show that the assumption of common technology is rejected in our regressions. We illustrate that the erroneous choice of homogeneous technology has a substantial impact on the patterns and magnitudes of the resulting TFP estimates.