关键词: 资源错配, 全要素生产率, 总产出, 中间投入

Abstract: This paper proposes a gross output accounting framework that measures the effect of resource misallocation across sectors on TFP of overall economy. The framework is based on a multi-sector accounting framework which is consistent with the framework adopted by Jorgenson et al. (2005) revealing sector-specific factor price distortion in the form of adding taxes or subsidy to primary factor inputs (capital and labor) of sectors. This paper pays attention to the key importance of intermediate inputs which is neglected by the previous studies on resource misallocation, and further explores the industrial origin of resource allocation effect raised by the literatures about productivity analysis. This paper also highlights the issue prevailing in the productivity measurement and resource misallocation literature, which is that primary data can not meet the requirements of homogeneity and illustrates the correct methodology to construct the homogenous input indices. Finally, this paper adopts time variant income share of inputs rather than fixed income share, which is constructed using the sequence of input and output.

Key words: Resource Misallocation, TFP, Gross Output, Intermediate Input