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Atribución-NoComercial-SinDerivadas 3.0 España
Abstract:
This paper examines the relation between the business cycle and convergence in
levels of total factor productivity (TFP) across states. First, we find evidence of
convergence in TFP levels across the different phases of the business cycle, but the speed
of This paper examines the relation between the business cycle and convergence in
levels of total factor productivity (TFP) across states. First, we find evidence of
convergence in TFP levels across the different phases of the business cycle, but the speed
of convergence was much greater during periods of contraction in economic activity than
during periods of expansion. Second, we find that technology embodied in capital was an
important source of productivity growth in agriculture. As with the rate of catch-up, the
embodiment effect was much stronger during low economic activity phases of the
business cycle.[+][-]