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Chapter 11 Equity Market Valuation
Presenter Venue Date
Neoclassical Approach to Growth Accounting
Cobb-Douglas production function
Y = AKaL
Assuming constant returns to scale, 1 – α = β, and taking the natural logarithm of both sides of first equation gives
ln(Y) = ln(A)+aln(K)+(1 a )ln(L)
Taking first differences of second equation and using a property of logarithms results in this
ΔY ΔA
Y A
approximation:
+a K + (1 a
ΔL
L
Growth Accounting Formula
ΔY ΔA ΔK
Y A K
+(1a
ΔL
L
Total Factor Productivity (TFP)
The China Economic Experience
Countries China
Soviet Union
UnitedStates
European Union
Time Period
1978–1995 1995–2007 1950–1970 1970–1985 1950–1972 1972–1996 1996–2004 1960–1973 1973–2003
Real GDP growth
Y/Y 10.11%
9.25% 5.4% 2.7% 3.9% 3.3% 3.6% 5.1% 2.2%
Growthin total factor productivity
A/A 3.80% 1.45% 1.6%
–0.4% 1.6% 0.6% 1.5% 3.2% 1.0%
Growth in capital stock
K/K 9.12%
12.81% 8.8% 7.0% 2.6% 3.1% 2.6%
0.5%
Growth in labor input
L/L 3.49% 2.78% 1.8% 1.1% 1.4% 1.7% 0.7% 4.8% 2.8%
Source: Zheng, Hu, and Bigsten (2009). China’s output elasticity for capital (α) and output elasticity for labor (1 – α) were both estimated to be 0.5.
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