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Table 3 Growth accounting for the United States Contributions from Period Output per hour KIY...

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Accounting

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Table 3 Growth accounting for the United States Contributions from Period Output per hour KIY Labor composition Labor Aug. TEP 1948-2013 2.5 0.1 0.3 2.0 1948-1973 3.3 -0.2 03 3.2 1973-1990 1.6 05 03 08 1990-1995 1.6 02 0.7 0.7 1995-2000 3.0 03 0.3 23 2000-2007 2.7 02 03 22 2007-2013 1.7 0.1 0.5 1.1 Now Average annual growth rate in prostor utpot per hour and is components for the private bus new sector, following E4 (3) Se: Authors calculations using Bureau of Labor Statistics, My Timb, August 21,2014 5. What does the TFP stand for in this table? Could you try to explain its components? 6. Complete the following table: Solow model country A country B population growth rate 5% capital depreciation rate 5% national saving rate 5% total population in year 1 100 total capital in year 1 16 Production Process: total output in year 1 total investment made in year 1 total output in year 2 growth rate for total output 5% 5% 5% 361 100 Steady State: steady state capital intensity capital intensity in year 1 capital intensity will increase or decrease in year 2 growth rate for per capita output

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