期刊名称：Discussion Paper Series / Department of Economics, Monash University
出版年度：2009
卷号：1
出版社：Monash University
摘要：Based on an asset pricing model this paper shows that traditional growth accounting exercises attribute
too much weight to capital deepening and suggests a method to filter out TFP-induced capital-deepening
from the estimates. Using data for 16 industrialised countries, it is shown that labour productivity and
capital deepening have been driven by total factor productivity and reductions in the required stock
returns over the past 137 years. Furthermore, it is shown that TFP precedes the K-L ratio and not the other
way around.
