This month's featured article
New developments in total factor productivity measurement reflecting innovative activities: Evidence from the productivity J-curve in advanced countries
Ahmed BOUNFOURProfessor of Management at Paris-Saclay University
EDAMURA KazumaResearch Fellow at National Institute of Science and Technology Policy
ISHIKAWA TakayukiAssociate Professor, Faculty of Economics at Rissho University
MIYAGAWA TsutomuFaculty Fellow, RIETI
Alberto NONNISPostdoctoral researcher at Université Paris-Saclay (France) - RITM laboratory
TONOGI KonomiAssistant Professor in the Department of Economics/Department of Contemporary Business at Kanagawa University
To read the full text:
https://www.rieti.go.jp/en/columns/v01_0222.html
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Despite digitalisation in the 21st century, productivity growth rates in advanced economies seemed to stagnate in the 2010s. One hypothesis to explain this phenomenon is the ‘productivity J-curve’, which suggests that the high costs associated with digitalisation during an investment boom induce an underestimation of productivity growth. This column tests the hypothesis using data from five advanced economies. It finds evidence that conventional total factor productivity growth rates in advanced economies were negatively biased in the 2010s, particularly in the US. These results have important implications regarding government investment support policies.
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