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Working paper

Оценка совокупной факторной производительности российской экономики в период 1961—2001 гг. с учетом корректировки динамики основных фондов

A fixed assets stock correction model, which is based on the assumption of constant service lives during the term of 19612001 in Russia, is offered in the present paper. The model is supposed to eliminate huge distortions of the official fixed assets stock values, induced by capital revaluations of 19921997. The model also catches a virtual capital retirement effect due to lack of demand on the output produced with the capital. Using the modeled fixed assets and official employment data the total factor productivity (TFP) values have been obtained. Within the assumptions of the model it was found, that the relative impact of factors and TFP on economic growth is changed after the planmarket economy transition in 1991. If before 1991 the economic growth rate in Russia could be main ly explained by the rate of factors, since 1991 a share of TFP in the growth rate has been prevailing. It corresponds to the TFP share dominance in the growth rate of a number of devel oped countries.