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Author: Miguel Jimenez Publisher: Routledge ISBN: 1317512111 Category : Business & Economics Languages : en Pages : 197
Book Description
This book presents several pieces of empirical work which disentangle why the standard measure of productivity growth used in macroeconomics turn out to be procyclical for American manufacturing industries. Procyclical productivity is an essential feature of business cycles because of its important implications for macroeconomic modelling. The author explains why traditional Keynesian theories of the business cycle do not explain satisfactorily why productivity is procyclical, and argues that the force of technology for generating economic cycles is much more important than that of the management or mismanagement of monetary or fiscal policies. This book is aimed at those working in empirical macroeconomics but also industrial economics.
Author: Miguel Jiménez Publisher: Taylor & Francis ISBN: 9780815329749 Category : Business & Economics Languages : en Pages : 194
Book Description
This work assesses empirically the various explanations for why productivity growth is procyclical. Some theories of business cycles state that productivity movements reflect changes in technology and are the driving force of economic fluctuations. This study investigates whether price-cost margins, externalities, or slow adjustment of the labor market can account for the behavior of productivity growth over the cycle. The application of standard econometric techniques to two different measures of productivity growth in American manufacturing industries, one based on quantities and one based on prices, shows that there is some labor hoarding, which is compatible with either margins or externalities.
Author: Mark J. Lasky Publisher: Routledge ISBN: 1317502515 Category : Business & Economics Languages : en Pages : 157
Book Description
The behaviour of US productivity since this book was originally publishedin 1994, has added new relevance to the relationship between profits and productivity. In the long run, productivity growth determines the economic standard of living. This book is divided into three parts: the basis of the first is the empirical finding that, controlling for normal business cycle effects, productivity grows faster when profits have been low than otherwise. The second part discusses how to measure marginal cost using time series data and the third tests a basic assumption that productivity growth is exogenous to labour and capital.
Author: National Research Council Publisher: National Academies Press ISBN: 0309092744 Category : Technology & Engineering Languages : en Pages : 214
Book Description
Hosted by Harvard University's Kennedy School of Government, this symposium brought together leading technologists and economists to review technical challenges facing the semiconductor industry, the industry's business cycle, the interconnections between the two, and the implications of growth in semiconductors for the economy as a whole. This volume includes a summary of the symposium proceedings and three major research papers. Topics reviewed encompass the industry technology roadmap, challenges to be overcome to maintain the trajectory of Moore's Law, the drivers of the continued growth in productivity in the U.S. economy, and economic models for gaining a better understanding of this leading U.S. industry.
Author: Miguel Jimenez Publisher: Routledge ISBN: 1317512103 Category : Business & Economics Languages : en Pages : 113
Book Description
This book presents several pieces of empirical work which disentangle why the standard measure of productivity growth used in macroeconomics turn out to be procyclical for American manufacturing industries. Procyclical productivity is an essential feature of business cycles because of its important implications for macroeconomic modelling. The author explains why traditional Keynesian theories of the business cycle do not explain satisfactorily why productivity is procyclical, and argues that the force of technology for generating economic cycles is much more important than that of the management or mismanagement of monetary or fiscal policies. This book is aimed at those working in empirical macroeconomics but also industrial economics.
Author: Susanto Basu Publisher: ISBN: Category : Business cycles Languages : en Pages : 60
Book Description
In this paper, we derive and estimate relationships governing variable utilization of capital and labor for a firm solving a dynamic cost-minimization problem. Our method allows for (i) imperfect competition, (ii) increasing returns to scale, (iii) unobserved changes in utilization, (iv) unobserved changes in technology, (v) unobserved fluctuations in the factor prices of capital and labor, (vi) unobserved fluctuations in the shadow price of output, and (vii) the non-existence of a value-added production function. We can estimate the parameters of interest without imposing specific functional forms or using restrictions from assuming the existence of a representative consumer. We find that variable capital and labor utilization explain 40-60 percent of the cyclicality of the Solow residual in U.S. manufacturing, so true technology shocks have a lower correlation with output than the RBC literature assumes. Controlling for variable utilization also eliminates the evidence for increasing returns to scale. We show that our model-based proxies for variable utilization are valid even when extending the workweek of capital potentially has two costs: a shift premium paid to workers, as well as a higher rate of depreciation. Thus, these proxies can be used under very general conditions in a wide range of empirical work.
Author: Miguel Jimenez
Author: Miguel Jiménez
Author: Miguel Jiménez
Author: Mark J. Lasky
Author: Domenico Junior Marchetti
Author: National Research Council
Author: Edwin Kuh
Author: John W. Kendrick
Author: Martin Neil Baily
Author: Miguel Jimenez
Author: Susanto Basu