Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/129840
Authors: 
Kónya, István
Year of Publication: 
2015
Series/Report no.: 
IEHAS Discussion Papers MT-DP - 2015/46
Abstract (Translated): 
The paper recalculates total factor productivity (TFP) in Hungary, and based on this, presents an updated decomposition of GDP growth. Compared to the previous literature on Hungary, contributions include the quantification of human capital and the inclusion of the capacity utilization of production inputs. The latter is necessary to get a more realistic picture of productivity fluctuations. Results show that both increases in the capital stock and improvements in productivity contributed to Hungarian growth, while the role of human capital, and employment in particular was only important at the end of the 90's. The analysis attempts to take into account possible connections between capital deepening and productivity. In our neoclassical framework we can only explore the possibility of TFP induced capital investment, leaving the study of reverse causality for future research.
Subjects: 
economic growth
TFP
Hungary
human capital
capacity utilization
JEL: 
O47
E01
E25
J21
ISBN: 
978-615-5594-11-3
Document Type: 
Working Paper

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