Total factor productivity and macroeconomic instability

Date

2011

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Abstract

Total factor productivity (TFP) is an important component of growth for most countries. This article assesses the role of macroeconomic instability on TFP growth. We consider volatility in inflation, openness of an economy and financial market deepness as measures of macroeconomic instability. Empirical evidence provided from Turkey suggests that volatility of openness and financial market deepness reduce TFP growth, whereas volatility of inflation increases TFP growth. © 2011 Taylor & Francis.

Source Title

Journal of International Trade and Economic Development

Publisher

Routledge

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Published Version (Please cite this version)

Language

English