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Models of labour services and estimates of total factor productivity

Dixon, Robert and Shepherd, David (2007) Models of labour services and estimates of total factor productivity. Research paper, 981 . Department of Economics, University of Melbourne, Melbourne, Australia. ISBN 0734026390

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Abstract

This paper examines the manner in which labour services are modelled in the aggregate production function, concentrating on the relationship between numbers employed and average hours worked. It argues that numbers employed and hours worked are not perfect substitutes and that conventional estimates of total factor productivity which, by using total hours worked as the measure of labour services, assume they are perfect substitutes, will be biased when there are marked changes in average hours worked. The relevance of the theoretical argument is illustrated using data for the United States and the United Kingdom.

Item Type:Book
Uncontrolled Keywords:Labour services, production function, total factor productivity
Research Community:University of Westminster > Westminster Business School
ID Code:3718
Deposited On:04 Apr 2007
Last Modified:06 May 2011 09:59

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