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The devil is in the details: Capital stock estimation and aggregate productivity growth—An application to the Spanish economy

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The devil is in the details: Capital stock estimation and aggregate productivity growth—An application to the Spanish economy

dc.contributor.author	Escribá Pérez, Francisco Javier
dc.contributor.author	Murgui-García, María José
dc.contributor.author	Ruiz Tamarit, José Ramón
dc.date.accessioned	2023-06-13T08:31:16Z
dc.date.available	2023-06-14T04:45:06Z
dc.date.issued	2022	es_ES
dc.identifier.citation	Escribá-Pérez, FJ., Murgui-García, MJ. & Ruiz-Tamarit, JR.(2022). The devil is in the details: Capital stock estimation and aggregate productivity growth—An application to the Spanish economy. Portuguese Economic Journal, 21, 31–50	es_ES
dc.identifier.uri	https://hdl.handle.net/10550/87875
dc.description.abstract	The variables that contribute to explaining the major puzzles and paradoxes in macroeconomics and economic growth literature always appear related, directly or indirectly, to capital stock and depreciation. Depreciation defined in a narrow sense refers only to physical wear and tear, but in a broader sense, it also includes economic deterioration and obsolescence. In this study, we explore the link between these two depreciation concepts, the capital deepening and total factor productivity (TFP) growth. We propose a double growth accounting framework that allows us to establish a relationship between variables in statistical terms and variables in economic terms. Then, with Spanish data for 1964–2015, we first analyze the role played by capital intensity and TFP in explaining the evolution of labor productivity. The results are substantially different depending on whether we use statistical or economic measures of capital and depreciation. Second, we focus on the paradox of productivity, concluding that the apparent absence of a positive correlation between invest ment in information and communication technology and the TFP growth rate may be due to the delay effect associated with such investment combined with the statistical under-estimation of true economic depreciation.	es_ES
dc.language.iso	en	es_ES
dc.publisher	Springer	es_ES
dc.subject	TFP	es_ES
dc.subject	capital	es_ES
dc.subject	depreciation	es_ES
dc.subject	slowdown	es_ES
dc.subject	ICT	es_ES
dc.title	The devil is in the details: Capital stock estimation and aggregate productivity growth—An application to the Spanish economy	es_ES
dc.type	journal article	es_ES
dc.subject.unesco	UNESCO::CIENCIAS ECONÓMICAS	es_ES
dc.identifier.doi	10.1007/s10258-020-00187-z	es_ES
dc.accrualmethod	S	es_ES
dc.embargo.terms	0 days	es_ES
dc.type.hasVersion	VoR	es_ES
dc.rights.accessRights	open access	es_ES