Revisiting Productivity Dynamics in Europe: A New Measure of Utilization-Adjusted TFP Growth
为欧洲五大经济体计算了新的全要素生产率增长估计，通过考虑正利润和使用企业调查代理未观测到的要素利用变化，得到比标准方法更平稳、更少周期性的生产率序列，并提供了年度和季度数据。
Abstract We compute new estimates of total factor productivity (TFP) growth in the five largest European economies. Our estimates account for positive profits and use firm surveys to proxy for unobserved changes in factor utilization. These novelties have a major impact: Our estimated TFP growth series are substantially less volatile and less cyclical than the ones obtained with standard methods. Based on our approach, we provide annual industry-level and aggregate TFP series, as well as the first estimates of profit and utilization-adjusted quarterly TFP growth in Europe.