Productivity of ICT and non-ICT capital : the role of rates of return and capital prices

Niebel, Thomas ; Saam, Marianne

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URN: urn:nbn:de:bsz:180-madoc-314038
Document Type: Working paper
Year of publication: 2011
The title of a journal, publication series: ZEW Discussion Papers
Volume: 11-083
Place of publication: Mannheim
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: C43 , E22 , O33 , O47,
Subject headings (SWD): Return on Investment , Informationstechnik , Kapital , Capital Asset Pricing Model , Arbeitsproduktivität , EU-Staaten
Keywords (English): ICT capital , asset prices , rates of return , growth accounting
Abstract: We investigate the role rates of return and rates of asset price decline play in explaining sources of productivity growth in the context of a growth accounting approach. Our analysis is based on data from the EU KLEMS database for seven countries in the period of 1990 − 2007. We introduce a constant rate of return to capital and a constant rate of ICT price decline across sectors, countries and time. The main result of this sensitivity analysis is that both alternative measurements somewhat downplay the role investment played relative to growth in multi-factor productivity in the UK and the US during 1995 − 2000. Moreover, we show that more than half of the ICT contribution to labor productivity growth results from growth in capital quality and composition rather than quantity.

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