| Abstract: |
We present estimations of a Cobb-Douglas production function with a steady
change in TFP (total factor productivity) for the Russian economy, using
quarterly data for the favorable period 1998Q3–2008Q2 and the period
1995Q1–2010Q2 as well. Compiling our baseline data on capital and labor
adjusted for utilization, we explicitly present estimations of the
coefficients (the capital distribution ratio and TFP) of production function,
which show that TFP is the major growth source, followed by the capital
contribution. We also show results of measurement of Russia‟s GDP gaps as the
differences between potential and actual GDPs based on the production function
and the Hodrick-Prescott filter. |