Download or read book Endogenous Capital Utilization and Productivity Measurement in Dynamic Factor Demand Models written by Ingmar R. Prucha and published by . This book was released on 1991 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Endogenous Capital Utilization and Productivity Measurement in Dynamic Factor Demand Models written by Ingmar R. Prucha and published by . This book was released on 1991 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studies of the firm's demand for factor inputs often assume a constant rate of utilization of the inputs and ignore the fact that the firm can simultaneously choose the level and the rate of utilization of its inputs. In particular, the literature on dynamic factor demand models has, until recently, largely overlooked the issue of capital utilization and/or did not distinguish carefully between the distinct concepts of capital and capacity utilization. In this paper we allow for variations in the rate of capital utilization within the context of a dynamic factor demand model by adopting a modeling framework within which the firm combines its beginning-of-period stocks with other inputs to produce its outputs as well as its end-of-period stocks. We also derive measures of productivity and capacity utilization for the adopted modeling framework. Given the depreciation rate is endogenous a consistent capital stock series must be generated during estimation from the investment data. This yields, as a byproduct, a consistent decon1position of gross investment into replacement and expansion investment. As an illustration, the model is applied to U.S. Electrical Machinery data.
Download or read book Endogenous Capital Utilization and Production Measurement in Dynamic Factor Demand Models Theory and an Application to the U S Electrical Machinery Industry written by Ingmar R. Prucha and published by . This book was released on 1991 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book New Developments in Productivity Analysis written by Charles R. Hulten and published by University of Chicago Press. This book was released on 2007-11-01 with total page 648 pages. Available in PDF, EPUB and Kindle. Book excerpt: The productivity slowdown of the 1970s and 1980s and the resumption of productivity growth in the 1990s have provoked controversy among policymakers and researchers. Economists have been forced to reexamine fundamental questions of measurement technique. Some researchers argue that econometric approaches to productivity measurement usefully address shortcomings of the dominant index number techniques while others maintain that current productivity statistics underreport damage to the environment. In this book, the contributors propose innovative approaches to these issues. The result is a state-of-the-art exposition of contemporary productivity analysis. Charles R. Hulten is professor of economics at the University of Maryland. He has been a senior research associate at the Urban Institute and is chair of the Conference on Research in Income and Wealth of the National Bureau of Economic Research. Michael Harper is chief of the Division of Productivity Research at the Bureau of Labor Statistics. Edwin R. Dean, formerly associate commissioner for Productivity and Technology at the Bureau of Labor Statistics, is adjunct professor of economics at The George Washington University.
Download or read book Dynamic Factor Demand Models and Productivity Analysis written by Ingmar R. Prucha and published by . This book was released on 1999 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we discuss recent advances in modeling and estimating dynamic factor demand models, and review the use of such models in analyzing the production structure, the determinants of variable and quasi-fixed factors, and productivity growth. The paper also discusses the traditional approach to productivity analysis based on the Divisia index number methodology. Both approaches may be seen as being complementary. The conventional index number approach will measure the rate of technical change correctly if certain assumptions about the underlying technology of the firm and output and input markets hold. The approach is appealing in that it can be easily implemented. However, if the underlying assumptions do not hold, then the conventional index number approach will, in general, yield biased estimates of technical change. The econometric approach based on general dynamic factor demand models allows for a careful testing of various features of a postulated model. Furthermore it not only provides a framework to estimate technical change, but can also yield a rich set of critical information on the structure of production, the dynamics of investment in physical and R&D capital, the effects of spillovers, the depreciation rate of capital, the impact of taxes, expectations, etc. The paper provides both a review of recent methodology developed for the specification and estimation of dynamic factor demand models, as well as a review of recent applications. The paper also explores in terms of a Monte Carlo study how estimates of important characteristics of the production process can be affected by model misspecification. The study suggests that characteristics of the production structure such as scale and technical change are sensitive to model misspecification, and that adopting a simple specification for reasons of convenience may result in serious biases
Download or read book Capital Time and Transitional Dynamics written by Harald Hagemann and published by Routledge. This book was released on 2009-01-13 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: This innovative volume presents a comprehensive appraisal of John Hicks' Capital and Time (1973) thirty years on from its original publication. Contributors include Walter Eltis, Heinz Kurz and Maghnad Desai.
Download or read book Capital Utilization written by Roger R. Betancourt and published by Cambridge University Press. This book was released on 1981-06-30 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the theory of capital utilization, a discussion of the econometrics of capital utilization, and econometric tests of the theory using international data. Capital utilization, defined as the proportion of time that capital is working productively, is mainly affected by shift-working. Capital utilization is an important economic variable that has received serious attention from economists only since the mid-1960s In the first part, the authors provide a synthesis of current knowledge, combining a consistent statement of existing theory with some major extensions. In the second part, they turn to the econometrics, first discussing the appropriate methodology and then testing the theory on data from several countries. This empirical work is considerably more sophisticated than previous studies on this topic. Having established the theory and tested it, they move on to consider policy, the relationship between capital utilization and economic growth, and the place of shift-work in the dual economy.
Download or read book Decomposing Technical Change written by Michael Gort and published by . This book was released on 1991 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Within the conventional neoclassical framework, a distinction is sometimes made between product-augmenting and factor-augmenting technical change. A parallel distinction is commonly made between embodied and disembodied technical change with the former associated with factor, and the latter with product, augmentation. Disembodied change is commonly assumed to arise from increases in the stock of knowledge, independently of the characteristics of the inputs used, while embodied change relates to increases in the efficiency of inputs, that is, labor skills or the productivity of physical capital.
Download or read book Survey of Current Business written by and published by . This book was released on 1997 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Journal of Econometrics written by and published by . This book was released on 1997 with total page 868 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Index Number and Factor Demand Approaches to the Estimation of Productivity written by David H. Good and published by . This book was released on 1996 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we review a number of analytical methods and issues related to identifying and estimating the source of productivity growth. The two major methods used in measuring productivity growth -- index number and econometric estimation approach -- are briefly discussed. Substantive issues such as the contribution of R&D capital and R&D spillovers, infrastructure capital, allocative distortions, nature of the market structure and technological advancement on productivity growth at various levels of aggregation are examined. The attributes of the static and dynamic factor demand models used to estimate the contribution of different inputs to productivity growth are described and the evaluation of the production process changes in response to exogenous factors and their impact on productivity growth are discussed. Econometric issues and data considerations for proper estimation of the underlying structural models are noted briefly as well
Download or read book Hysteresis and Business Cycles written by Ms.Valerie Cerra and published by International Monetary Fund. This book was released on 2020-05-29 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Download or read book The New Palgrave Dictionary of Economics written by and published by Springer. This book was released on 2016-05-18 with total page 7493 pages. Available in PDF, EPUB and Kindle. Book excerpt: The award-winning The New Palgrave Dictionary of Economics, 2nd edition is now available as a dynamic online resource. Consisting of over 1,900 articles written by leading figures in the field including Nobel prize winners, this is the definitive scholarly reference work for a new generation of economists. Regularly updated! This product is a subscription based product.
Download or read book Proceedings written by and published by . This book was released on 1995 with total page 812 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book NBER Reporter written by National Bureau of Economic Research and published by . This book was released on 1990 with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Productivity Growth Inflation and Unemployment written by Robert James Gordon and published by Cambridge University Press. This book was released on 2004 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: Publisher Description
Download or read book Handbook of Production Economics written by Subhash C. Ray and published by Springer Nature. This book was released on 2022-06-02 with total page 1797 pages. Available in PDF, EPUB and Kindle. Book excerpt: This three-volume handbook includes state-of-the-art surveys in different areas of neoclassical production economics. Volumes 1 and 2 cover theoretical and methodological issues only. Volume 3 includes surveys of empirical applications in different areas like manufacturing, agriculture, banking, energy and environment, and so forth.
