Commodity prices, growth and productivity: a sectoral view

Abstract: We construct TFP series at a sectoral level for Chile and analyze how commodity price shocks affect these measures. The Dutch-Disease literature is concerned by that possible fall in productivity in the industrial sector after a commodity boom, as that sector may be a mayor driver of TFP...

Descripción completa

Detalles Bibliográficos
Autores principales: De la Huerta, Claudia, García Cicco, Javier
Formato: Documento de trabajo
Lenguaje:Español
Publicado: Banco Central de Chile 2022
Materias:
COMMODITIES
Chile
PRODUCTIVIDAD
Acceso en línea:https://repositorio.uca.edu.ar/handle/123456789/15029
Aporte de:
Repositorio Institucional de la Universidad Católica Argentina (UCA) de Universidad Católica Argentina
id I33-R139-123456789-15029
record_format dspace
spelling I33-R139-123456789-150292024-03-21T10:56:57Z Commodity prices, growth and productivity: a sectoral view De la Huerta, Claudia García Cicco, Javier COMMODITIES Chile PRODUCTIVIDAD Abstract: We construct TFP series at a sectoral level for Chile and analyze how commodity price shocks affect these measures. The Dutch-Disease literature is concerned by that possible fall in productivity in the industrial sector after a commodity boom, as that sector may be a mayor driver of TFP improvements for the economy as a whole. Our results provide evidence that indeed Industrial TFP is negatively affected by positive commodity price shocks, both after either temporary or permanent shocks. However, despite this effect, TFP at the aggregate level is not necessarily reduced. In particular, Aggregate TFP does not seems to be significantly affected by the shock, while if we exclude Commodities and Utilities, or if we just focus on non-traded sectors, TFP actually tends to increase. This results holds even controlling for the possibility of sectoral relocations of resources in measuring TFP at an aggregate level. Resumen: En este trabajo se construyen series de productividad total de factores (PTF) a nivel sectorial y agregado, y se analiza como shock al precio de los Commodities afecta a estas variables. La literatura sobre la Enfermedad Holandesa se preocupa por la posible caída en la productividad del sectorial industrial que puede ocurrir luego de un boom de commodities, ya que ese sector suele ser una de los principales determinantes de la PTF a nivel agregado. Nuestros resultados muestran que de hecho la PTF en el sector industrial se ve afectada negativamente por shocks al precio de los commodities, tanto luego de shocks temporarios como permanentes. Sin embargo, a nivel agregado la PTF no se ve necesariamente reducida. De hecho, si excluimos los sectores productores de Commodities y de Energía, o si nos enfocamos en sectores no-transables, la PTF tiende a aumentar luego de un incremento en el precio de los commodities. Estos resultados se verifican aun cuando controlamos por la posibilidad de reasignaciones de recursos entre sectores cuando medimos la PTF a nivel agregado. 2022-09-19T12:34:07Z 2022-09-19T12:34:07Z 2019 Documento de trabajo De la Huerta, C., García-Cicco, J. Commodity prices, growth and productivity: a sectoral view [en línea]. Documentos de trabajo del Banco Central de Chile. 2016, 777 Disponible en: https://repositorio.uca.edu.ar/handle/123456789/15029 https://repositorio.uca.edu.ar/handle/123456789/15029 spa Acceso abierto http://creativecommons.org/licenses/by-nc-sa/4.0/ application/pdf Banco Central de Chile Documentos de trabajo del Banco Central de Chile. 2016, 777
institution Universidad Católica Argentina
institution_str I-33
repository_str R-139
collection Repositorio Institucional de la Universidad Católica Argentina (UCA)
language Español
topic COMMODITIES
Chile
PRODUCTIVIDAD
spellingShingle COMMODITIES
Chile
PRODUCTIVIDAD
De la Huerta, Claudia
García Cicco, Javier
Commodity prices, growth and productivity: a sectoral view
topic_facet COMMODITIES
Chile
PRODUCTIVIDAD
description Abstract: We construct TFP series at a sectoral level for Chile and analyze how commodity price shocks affect these measures. The Dutch-Disease literature is concerned by that possible fall in productivity in the industrial sector after a commodity boom, as that sector may be a mayor driver of TFP improvements for the economy as a whole. Our results provide evidence that indeed Industrial TFP is negatively affected by positive commodity price shocks, both after either temporary or permanent shocks. However, despite this effect, TFP at the aggregate level is not necessarily reduced. In particular, Aggregate TFP does not seems to be significantly affected by the shock, while if we exclude Commodities and Utilities, or if we just focus on non-traded sectors, TFP actually tends to increase. This results holds even controlling for the possibility of sectoral relocations of resources in measuring TFP at an aggregate level.
format Documento de trabajo
author De la Huerta, Claudia
García Cicco, Javier
author_facet De la Huerta, Claudia
García Cicco, Javier
author_sort De la Huerta, Claudia
title Commodity prices, growth and productivity: a sectoral view
title_short Commodity prices, growth and productivity: a sectoral view
title_full Commodity prices, growth and productivity: a sectoral view
title_fullStr Commodity prices, growth and productivity: a sectoral view
title_full_unstemmed Commodity prices, growth and productivity: a sectoral view
title_sort commodity prices, growth and productivity: a sectoral view
publisher Banco Central de Chile
publishDate 2022
url https://repositorio.uca.edu.ar/handle/123456789/15029
work_keys_str_mv AT delahuertaclaudia commoditypricesgrowthandproductivityasectoralview
AT garciaciccojavier commoditypricesgrowthandproductivityasectoralview
_version_ 1807949144681086976

Ejemplares similares