Productivity Measures for the Colombian Manufacturing Industry
La serie Borradores de Economía es una publicación de la Subgerencia de Estudios Económicos del Banco de la República. Los trabajos son de carácter provisional, las opiniones y posibles errores son responsabilidad exclusiva del autor y sus contenidos no comprometen al Banco de la República ni a su Junta Directiva.
In this paper we present estimates for the coefficients of a production function, and the corresponding total factor productivity (TFP) for the Colombian manufacturing industry during 2005{2013. We follow several structural microeconometric techniques to estimate the production function parameters. We compare the estimation results across methodologies, as well as their robustness to changes in our estimation sample, variable definitions, and/or weights used to aggregate the estimated firm-level TFP into an industry-level average TFP. Our results show that, in general, all estimation methodologies result in a similar growth pattern during our sample period. Moreover, the general growth trend is not affected greatly by the additional changes mentioned above. However, the level of productivity (and the estimated TFP growth) does depend on how the production function is estimated.
The series Borradores de Economía is published by the Economic Studies Department at the Banco de la República (Central Bank of Colombia). The works published are provisional, and their authors are fully responsible for the opinions expressed in them, as well as for possible mistakes. The opinions expressed herein are those of the authors and do not necessarily reflect the views of Banco de la República or its Board of Directors.
