Similar Search Results

Returns to Scale and Externalities in the Consumption and Investment Sectors

Harrison, Sharon G. - In: Review of Economic Dynamics 6 (2003) 4, pp. 963-976

Using data on US manufacturing, I estimate internal returns to scale and external effects for the consumption and investment sectors. I construct panels of data at the industry level and use results of gross output production function estimation to derive implied estimates in a value added...

Persistent link: https://www.econbiz.de/10005090986

Entry, Exit and Business Cycles in a General Equilibrium Model

Samaniego, Roberto M. - In: Review of Economic Dynamics 11 (2008) 3, pp. 529-541

This paper studies the role of entry and exit in the short run behavior of a general equilibrium model with industry dynamics. For tractability, and to preserve potential asymmetries in the impulse responses, I focus on the transition dynamics of the economy after shocks. Entry and exit are...

Persistent link: https://www.econbiz.de/10005091017

Payment uncertainty, the division of labor, and productivity declines in great depressions

Kobayashi, Keiichiro - In: Review of Economic Dynamics 9 (2006) 4, pp. 715-741

welfare enhancing, since the quick exit of insolvent agents can resolve payment uncertainty quickly. (Copyright: Elsevier) …

Persistent link: https://www.econbiz.de/10005027332

Are There Long-Run Effects of the Minimum Wage?

Sorkin, Isaac - In: Review of Economic Dynamics 18 (2015) 2, pp. 306-333

An empirical consensus suggests that there are small employment effects of minimum wage increases. This paper argues that these are short-run elasticities. Long-run elasticities, which may differ from short-run elasticities, are policy relevant. This paper develops a dynamic industry equilibrium...

Persistent link: https://www.econbiz.de/10011268089

Investment-Specific Technical Change in the US (1947-2000): Measurement and Macroeconomic Consequences

Cummins, Jason G.; Violante, Giovanni L. - In: Review of Economic Dynamics 5 (2002) 2, pp. 243-284

By extrapolating Gordon's (1990) measures of the quality-bias in the official price indexes, we construct quality-adjusted price indexes for 24 types of equipment and software (E&S) from 1947 to 2000 and use them to measure technical change at the aggregate and at the industry level....

Persistent link: https://www.econbiz.de/10005090985

Quantifying Embodied Technological Change

Sakellaris, Plutarchos; Wilson, Daniel J. - In: Review of Economic Dynamics 7 (2004) 1, pp. 1-26

We estimate the rate of embodied technological change directly from plant-level manufacturing data on current output and input choices along with histories on their vintages of equipment investment. Our estimates range between 8 and 17 percent for the typical U.S. manufacturing plant during the...

Persistent link: https://www.econbiz.de/10005091026

Capital Adjustment Patterns in Manufacturing Plants

Doms, Mark E.; Dunne, Timothy - In: Review of Economic Dynamics 1 (1998) 2, pp. 409-429

A common result from altering several fundamental assumptions of the neoclassical investment model with convex adjustment costs is that investment may occur in lumpy episodes. This paper takes a step back and asks "How lumpy is investment?" We answer this question by documenting the...

Persistent link: https://www.econbiz.de/10005027319

Accounting for Research and Productivity Growth Across Industries

Ngai, Rachel; Samaniego, Roberto - In: Review of Economic Dynamics 14 (2011) 3, pp. 475-495

What factors underlie industry differences in research intensity and productivity growth? We develop a multi-sector endogenous growth model allowing for industry-specific parameters in the production functions for output and knowledge, and in consumer preferences. We find that long run industry...

Persistent link: https://www.econbiz.de/10008516664

Labor Market Search and Real Business Cycles: Reconciling Nash Bargaining with the Real Wage Dynamics

Cheron, Arnaud; Langot, Francois - In: Review of Economic Dynamics 7 (2004) 2, pp. 476-493

This paper modifies the standard one-sector stochastic growth model in an effort to explain the observed low procyclicality of the aggregate real wage in the US. The modifications include labor market matching with Nash-bargaining of wages and preferences as introduced in the literature by...

Persistent link: https://www.econbiz.de/10004970377

Capital Tax, Minimum Wage, and Labor Market Outcomes

Kumar, Alok - In: Review of Economic Dynamics 11 (2008) 1, pp. 133-154

outcomes and welfare cost. In the presence of a binding minimum wage, a decrease in the capital tax leads to an increase in … the welfare cost of capital tax. A policy change which involves an increase in the minimum wage and a fall in the capital … tax such that employment level remains constant increases welfare and output. (Copyright: Elsevier) …

Persistent link: https://www.econbiz.de/10005085504