Data for: Capital goods, measured TFP and growth: The case of Spain

Abstract of associated article: The effect of investing in equipment and/or structures on TFP and long run growth is investigated here. We argue that economies can grow in spite of stagnant TFP if the investment rate is inefficiently high. We study the case of Spain where real GDP per worker grew at 2.74 percent annually and TFP was stagnant during 1996–2007. We show that low Spanish TFP is due to low ISTC and an inefficiently high investment in residential structures. We quantify the effect of the housing boom of the 2000s, the total cost of subsidies to residential structures in terms of TFP and income growth.

关联论文摘要：本文探讨设备及/或建筑投资对全要素生产率（Total Factor Productivity, TFP）及长期增长的影响。本文认为，即便全要素生产率处于停滞状态，若投资率过高且低效，经济体仍可实现增长。本文以西班牙为研究对象：1996年至2007年间，该国劳均实际国内生产总值年均增速达2.74%，但全要素生产率却始终停滞。研究表明，西班牙全要素生产率偏低的原因在于投资特定技术变革（Investment-Specific Technological Change, ISTC）水平不足，以及住宅建筑领域存在过高且低效的投资。本文量化了2000年代房地产市场繁荣所产生的影响，并从全要素生产率与收入增长的视角，核算了住宅建筑补贴的总成本。