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Working harder or hardly working? Adjusting productivity statistics for variable capacity utilisation

Adam Tipper, Nicholas Warmke, Toby Hunter
Statistics New Zealand
info@stats.govt.nz 

Abstract

This paper outlines the implications of adjusting productivity statistics for a variable rate of capacity utilisation of capital. Applying capacity utilisation data from the New Zealand Institute of Economic Research and occupancy rates data from Statistics New Zealand’s Accommodation Survey to productivity data leads to higher capital input growth and lower multifactor productivity growth. This is a result of capacity utilisation varying and increasing over time. The paper concludes that adjusting productivity statistics for variable capacity utilisation leads to smoother MFP estimates in the short-term but has minimal impact on long-term growth.

Keywords

Productivity measurement; industry; capital; capacity utilisation; multifactor productivity

JEL Codes: D24; O47; E22

pdf icon.  Working harder or hardly working? Adjusting productivity statistics for variable capacity utilisation (PDF, 372kb)

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