TY  - BOOK
AU  - Musso,Patrick
TI  - Capital Obsolescence, Growth Accounting and Total Factor Productivity
PY  - 2006///.
							
N1  - 6
N2  - The stability of capital lifespan over time is a key assumption of growth accounting studies. However, many empirical works refute this hypothesis and suggest that the average service-life of capital goods has shown a decrease in the advanced economies since the 1970s. I show in this paper that this acceleration in capital obsolescence could strongly impact on traditional measures of Total Factor Productivity. For instance, a moderate increase in the capital retirement rate since the early 1970s could explain almost all the productivity slowdown observed in the US economy in the period 1974-2000.JEL Classification: C80, E17, O47
UR  - https://shs.cairn.info/revue-de-l-ofce-2006-5-page-217?lang=fr&redirect-ssocas=7080
ER  -