--- canonical_url: "https://csls.ca/ipm-archive/ipm-issue-46/intangible-capital-tfp-growth-and-green-shoots-in-new-productivity-data/" title: "Intangible Capital, TFP Growth and Green Shoots in New Productivity Data" author: name: "CSLS" url: "https://csls.ca/author/cslc/" date_published: "2026-07-13T08:15:06+00:00" date_modified: "2026-07-17T09:34:48+00:00" post_type: "ipm" summary: "" ipm_issue_period: - "Spring 2024" ipm_keyword: - "Corrado-Hulten-Sichel" - "EU KLEMS" - "Europe" - "green shoots" - "intangibles" - "INTANProd" - "Japan" - "knowledge diffusion" - "TFP" - "UK" - "United States" ipm_research_theme: - "Productivity trends and comparisons" ipm_country_focus: - "Europe" - "International" - "Japan" - "United Kingdom" - "United States" featured_image: "https://csls.ca/wp-content/uploads/2026/06/IPM_50_banner.webp" status: "publish" --- # Intangible Capital, TFP Growth and Green Shoots in New Productivity Data Canonical URL: https://csls.ca/ipm-archive/ipm-issue-46/intangible-capital-tfp-growth-and-green-shoots-in-new-productivity-data/ # Intangible Capital, TFP Growth and Green Shoots in New Productivity Data [Download full PDF article](https://csls.ca/wp-content/uploads/2026/07/IPM-Issue-46-1-Bontadini-Corrado-Haskel-Iommi-Jona-Lasinio-Miyagawa.pdf) Cite this article × Cite this article as: Bontadini, Filippo, Carol Corrado, Jonathan Haskel, Massimiliano Iommi, Cecilia Jona-Lasinio, and Tsutomu Miyagawa. 2024. “Intangible Capital, TFP Growth and Green Shoots in New Productivity Data.” International Productivity Monitor, No. 46 (Spring 2024): 3–37. https://csls.ca/ipm-archive/ipm-issue-46/intangible-capital-tfp-growth-and-green-shoots-in-new-productivity-data/ ## Authors: - Filippo Bontadini LUISS University - Carol Corrado The Conference Board / Georgetown University - Jonathan Haskel Imperial College Business School - Massimiliano Iommi ISTAT - Cecilia Jona-Lasinio ISTAT - Tsutomu Miyagawa Gakushuin University / RIETI ## IPM Issue 46 Spring 2024 pp. 3–37 ## Related IPM articles [Efficiency Adjustment of Hours Worked: Two Possible Modifications of a Jorgensen Production Model Barbara Fraumeni Fall 2025 | IPM Issue 49 | pp. 103–115](https://csls.ca/ipm-archive/ipm-issue-49/efficiency-adjustment-of-hours-worked-two-possible-modifications-of-a-jorgensen-production-model/) [Labour Productivity as a Measure of Technological Change Ulrich Kohli Fall 2025 | IPM Issue 49 | pp. 64–81](https://csls.ca/ipm-archive/ipm-issue-49/labour-productivity-as-a-measure-of-technological-change/) [The Relationship between Efficiencies Defenses for Mergers and TFP Growth Robin Shaban Fall 2025 | IPM Issue 49 | pp. 82–102](https://csls.ca/ipm-archive/ipm-issue-49/the-relationship-between-efficiencies-defenses-for-mergers-and-tfp-growth/) [The Potential Impact of Pro-competitive Regulatory Reforms on Productivity and Growth in Canada Gilbert Cette, Jimmy Lopez, Giuseppe Nicoletti, Océane Vernerey Fall 2025 | IPM Issue 49 | pp. 3–40](https://csls.ca/ipm-archive/ipm-issue-49/the-potential-impact-of-pro-competitive-regulatory-reforms-on-productivity-and-growth-in-canada/) [The Challenges of Productivity Measurement — Review Article on The Measure of Economies: Measuring Productivity in an Age of Technological Change Chad Syverson Spring 2025 | IPM Issue 48 | pp. 139–143](https://csls.ca/ipm-archive/ipm-issue-48/the-challenges-of-productivity-measurement-review-article-on-the-measure-of-economies-measuring-productivity-in-an-age-of-technological-change/) [IPM Issue 49 Editors’ Overview Andrew Sharpe, Bart van Ark, Paul Schreyer Fall 2025 | IPM Issue 49 | pp. 1–2](https://csls.ca/ipm-archive/ipm-issue-49/) [De-industrialization and the Great Productivity Slowdown: What Comes Next? 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An Investigation into Recent Productivity Data Revisions Fokke Reitze Gouma, Philip McCann, Raquel Ortega-Argilés Spring 2025 | IPM Issue 48 | pp. 63–84](https://csls.ca/ipm-archive/ipm-issue-48/are-uk-regional-productivity-disparities-really-narrowing-an-investigation-into-recent-productivity-data-revisions/) ## Abstract ## Résumé EN FR Copy link Email LinkedIn This article undertakes a comparative productivity analysis for European economies, Japan, the UK, and the U.S. using the EUKLEMS & INTANProd database — the first cross-country productivity database including all Corrado-Hulten-Sichel intangible assets in a national accounts-consistent framework. Using a stylized upstream/downstream production model, the article finds that including all intangibles lowers measured TFP growth (as more of the residual is attributed to capital). For the 2014-2019 period, after adjusting for mismeasured prices for consumer digital services, green shoots of improving intangible-capital performance can be observed. Weakening knowledge diffusion mechanisms are identified as a binding constraint on productivity growth. Cet article effectue une analyse comparative de la productivité pour les économies européennes, le Japon, le Royaume-Uni et les États-Unis à l’aide de la base de données EUKLEMS & INTANProd — la première base de données de productivité transnationale incluant tous les actifs immatériels de Corrado-Hulten-Sichel dans un cadre cohérent avec les comptes nationaux. À l’aide d’un modèle de production stylisé en amont/aval, l’article constate que l’inclusion de tous les actifs immatériels abaisse la croissance mesurée de la PMF. Pour la période 2014-2019, après ajustement pour les prix mal mesurés des services numériques aux consommateurs, des signes avant-coureurs d’amélioration de la performance du capital immatériel sont observables. L’affaiblissement des mécanismes de diffusion des connaissances est identifié comme une contrainte contraignante sur la croissance de la productivité. [Download full PDF](https://csls.ca/wp-content/uploads/2026/07/IPM-Issue-46-1-Bontadini-Corrado-Haskel-Iommi-Jona-Lasinio-Miyagawa.pdf)