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A Note on Shock Persistence in Total Factor Productivity Growth

Mamata Parhi, Tapas Mishra

Economics Bulletin, Volume: 31, Issue: 2, Pages: 1869 - 1893

Swansea University Authors: Mamata Parhi, Tapas Mishra

Abstract

<p>We study implications of persistence of shocks in total factor productivity (TFP) growth under Bayesian framework for a set of African countries over the period 1970-2003. Contrary to convention, we find that stochastic unit root is present for most of the African countries and th...

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Published in: Economics Bulletin
Published: 2011
Online Access: http://www.accessecon.com/Pubs/EB/2011/Volume31/EB-11-V31-I2-P169.pdf
URI: https://cronfa.swan.ac.uk/Record/cronfa6995
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fullrecord <?xml version="1.0"?><rfc1807><datestamp>2013-09-19T20:56:36.6366979</datestamp><bib-version>v2</bib-version><id>6995</id><entry>2012-01-31</entry><title>A Note on Shock Persistence in Total Factor Productivity Growth</title><swanseaauthors><author><sid>3da14f8468834f53c117ec55004de083</sid><ORCID/><firstname>Mamata</firstname><surname>Parhi</surname><name>Mamata Parhi</name><active>true</active><ethesisStudent>false</ethesisStudent></author><author><sid>73e49f705d1fef7c76512fcb69e5d98f</sid><firstname>Tapas</firstname><surname>Mishra</surname><name>Tapas Mishra</name><active>true</active><ethesisStudent>false</ethesisStudent></author></swanseaauthors><date>2012-01-31</date><deptcode>ECON</deptcode><abstract>&amp;#60;p&amp;#62;We study implications of persistence of shocks in total factor productivity (TFP) growth under Bayesian framework for a set of African countries over the period 1970-2003. Contrary to convention, we find that stochastic unit root is present for most of the African countries and that there is time-varying dependence structure in the underlying processes. The implication of our finding is that the persistence process governing TFP series is non-linear, stationary for some period and (mildly) explosive for others pointing to the fact that linear policy rules to counteract stochastic shocks in TFP may not prove useful. The repeat of TFP cycles is traced to this behaviour.&amp;#60;/p&amp;#62;</abstract><type>Journal Article</type><journal>Economics Bulletin</journal><volume>31</volume><journalNumber>2</journalNumber><paginationStart>1869</paginationStart><paginationEnd>1893</paginationEnd><publisher/><placeOfPublication/><issnPrint/><issnElectronic/><keywords/><publishedDay>31</publishedDay><publishedMonth>12</publishedMonth><publishedYear>2011</publishedYear><publishedDate>2011-12-31</publishedDate><doi/><url>http://www.accessecon.com/Pubs/EB/2011/Volume31/EB-11-V31-I2-P169.pdf</url><notes>&lt;p&gt;T Mishra B Ouattara&lt;/p&gt;</notes><college>COLLEGE NANME</college><department>Economics</department><CollegeCode>COLLEGE CODE</CollegeCode><DepartmentCode>ECON</DepartmentCode><institution>Swansea University</institution><apcterm/><lastEdited>2013-09-19T20:56:36.6366979</lastEdited><Created>2012-01-31T09:51:10.8170000</Created><path><level id="1">Faculty of Humanities and Social Sciences</level><level id="2">School of Management - Business Management</level></path><authors><author><firstname>Mamata</firstname><surname>Parhi</surname><orcid/><order>1</order></author><author><firstname>Tapas</firstname><surname>Mishra</surname><order>2</order></author></authors><documents/><OutputDurs/></rfc1807>
spelling 2013-09-19T20:56:36.6366979 v2 6995 2012-01-31 A Note on Shock Persistence in Total Factor Productivity Growth 3da14f8468834f53c117ec55004de083 Mamata Parhi Mamata Parhi true false 73e49f705d1fef7c76512fcb69e5d98f Tapas Mishra Tapas Mishra true false 2012-01-31 ECON &#60;p&#62;We study implications of persistence of shocks in total factor productivity (TFP) growth under Bayesian framework for a set of African countries over the period 1970-2003. Contrary to convention, we find that stochastic unit root is present for most of the African countries and that there is time-varying dependence structure in the underlying processes. The implication of our finding is that the persistence process governing TFP series is non-linear, stationary for some period and (mildly) explosive for others pointing to the fact that linear policy rules to counteract stochastic shocks in TFP may not prove useful. The repeat of TFP cycles is traced to this behaviour.&#60;/p&#62; Journal Article Economics Bulletin 31 2 1869 1893 31 12 2011 2011-12-31 http://www.accessecon.com/Pubs/EB/2011/Volume31/EB-11-V31-I2-P169.pdf <p>T Mishra B Ouattara</p> COLLEGE NANME Economics COLLEGE CODE ECON Swansea University 2013-09-19T20:56:36.6366979 2012-01-31T09:51:10.8170000 Faculty of Humanities and Social Sciences School of Management - Business Management Mamata Parhi 1 Tapas Mishra 2
title A Note on Shock Persistence in Total Factor Productivity Growth
spellingShingle A Note on Shock Persistence in Total Factor Productivity Growth
Mamata Parhi
Tapas Mishra
title_short A Note on Shock Persistence in Total Factor Productivity Growth
title_full A Note on Shock Persistence in Total Factor Productivity Growth
title_fullStr A Note on Shock Persistence in Total Factor Productivity Growth
title_full_unstemmed A Note on Shock Persistence in Total Factor Productivity Growth
title_sort A Note on Shock Persistence in Total Factor Productivity Growth
author_id_str_mv 3da14f8468834f53c117ec55004de083
73e49f705d1fef7c76512fcb69e5d98f
author_id_fullname_str_mv 3da14f8468834f53c117ec55004de083_***_Mamata Parhi
73e49f705d1fef7c76512fcb69e5d98f_***_Tapas Mishra
author Mamata Parhi
Tapas Mishra
author2 Mamata Parhi
Tapas Mishra
format Journal article
container_title Economics Bulletin
container_volume 31
container_issue 2
container_start_page 1869
publishDate 2011
institution Swansea University
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Business Management{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Business Management
url http://www.accessecon.com/Pubs/EB/2011/Volume31/EB-11-V31-I2-P169.pdf
document_store_str 0
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description &#60;p&#62;We study implications of persistence of shocks in total factor productivity (TFP) growth under Bayesian framework for a set of African countries over the period 1970-2003. Contrary to convention, we find that stochastic unit root is present for most of the African countries and that there is time-varying dependence structure in the underlying processes. The implication of our finding is that the persistence process governing TFP series is non-linear, stationary for some period and (mildly) explosive for others pointing to the fact that linear policy rules to counteract stochastic shocks in TFP may not prove useful. The repeat of TFP cycles is traced to this behaviour.&#60;/p&#62;
published_date 2011-12-31T03:08:38Z
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