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This paper examines whether the TFP growth of the Korean economy slowed down in 2000s based on growth accounting, focusing on how sensitive the results are to the particular aspects of the growth accounting method. There has been no consensus on this issue as the previous studies have provided very ...

This paper examines whether the TFP growth of the Korean economy slowed down in 2000s based on growth accounting, focusing on how sensitive the results are to the particular aspects of the growth accounting method. There has been no consensus on this issue as the previous studies have provided very diverse results due to the differences in the details of the growth accounting method. Main results of this paper are as follows. First, it is how to calculate the labor income of the self-employed that has the most significant impacts on the estimated TFP growth. Measuring capital stock also matters. Second, the TFP growth of the Korean economy appears to be sustained in 2000s when the extreme assumptions on the labor income of the self-employed are excluded and capital stock is measured by the most frequently-adopted method in the previous studies. For more reliable estimation of the TFP growth, further studies on measuring the labor income of the self-employed are needed.

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