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TFP change and its components for Swedish manufacturing firms during the 2008-2009 financial crisis
Linnaeus University, School of Business and Economics, Department of Economics and Statistics.ORCID iD: 0000-0003-2724-9984
Linnaeus University, School of Business and Economics, Department of Economics and Statistics.
New York University, USA.
2018 (English)Report (Other academic)
Abstract [en]

A driving force of economic development is growth in total factor productivity (TFP). Manufactured goods are, to a large extent, exports, and represent an important part of the economy for many developed countries. Additionally, a slowdown in labour productivity has been observed in many OECD countries after the financial crisis 2008-2009. This study investigates TFP change and its components for the Swedish manufacturing industry, compared with the private service sector, during the years 1997-2013, centering on the financial crisis. Stochastic frontier analysis (SFA) is used to disentangle persistent and transient efficiency from firm heterogeneity and random noise, respectively. In addition, technical change (TC), returns to scale (RTS) and a scale change (SC) component are also identified. Along with the empirical analysis, an elaborative discussion regarding TC in SFA is provided. The persistent part for manufacturing (service) is 0.796 (0.754) and the transient part is 0.787 (0.762), indicating improvement potentials. Furthermore, TFP change is substantially lower between the years 2007-2013, compared to 1997-2007, driven by lower technological progress. Policy should, therefore, target interventions that enhance technology. However, care needs to be taken so that policies do not sustain low-productive firms that otherwise would exit the market.

Place, publisher, year, edition, pages
New York: Stern School of Business, N.Y.U. , 2018. , p. 27
Series
NYU Stern Department of Economics Working Papers ; EC-18-27
Keywords [en]
financial crisis, manufacturing, persistent and transient efficiency, technical change, total factor productivity
National Category
Economics
Identifiers
URN: urn:nbn:se:lnu:diva-78115OAI: oai:DiVA.org:lnu-78115DiVA, id: diva2:1252491
Available from: 2018-10-01 Created: 2018-10-01 Last updated: 2018-10-10Bibliographically approved

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Mattsson, PontusMånsson, Jonas

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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf