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Capital Utilization And Returns To Scale
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Book Synopsis Capital Utilization and Returns to Scale by : Craig Burnside
Download or read book Capital Utilization and Returns to Scale written by Craig Burnside and published by . This book was released on 1995 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the implications of procyclical capital utilization rates for inference regarding cyclical movements in labor productivity and the degree of returns to scale. We organize our investigation around five questions that we study using a measure of capital services based on electricity consumption: (1) Is the phenomenon of near or actual short run increasing returns to labor (SRIRL) an artifact of the failure to accurately measure capital utilization rates? (2) Can we find a significant role for capital services in aggregate and industry level production technologies? (3) Is there evidence against the hypothesis of constant returns to scale? (4) Can we reject the notion that the residuals in our estimated production functions represent technology shocks? (5) How does correcting for cyclical variations in capital services affect the statistical properties of estimated aggregate technology shocks? The answer to the first two questions is: yes. The answer to the third and fourth questions is: no. The answer to the fifth question is: a lot.
Book Synopsis Capital Utilization and Returns to Scale by : A. Craig Burnside
Download or read book Capital Utilization and Returns to Scale written by A. Craig Burnside and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the implications of procyclical capital utilization rates for inference regarding cyclical movements in labor productivity and the degree of returns to scale. We organize our investigation around five questions that we study using a measure of capital services based on electricity consumption: (1) Is the phenomenon of near or actual short run increasing returns to labor (SRIRL) an artifact of the failure to accurately measure capital utilization rates? (2) Can we find a significant role for capital services in aggregate and industry level production technologies? (3) Is there evidence against the hypothesis of constant returns to scale? (4) Can we reject the notion that the residuals in our estimated production functions represent technology shocks? (5) How does correcting for cyclical variations in capital services affect the statistical properties of estimated aggregate technology shocks? The answer to the first two questions is: yes. The answer to the third and fourth questions is: no. The answer to the fifth question is: a lot.
Book Synopsis Capacity Utilization Under Increasing Returns to Scale by : Yi Wen
Download or read book Capacity Utilization Under Increasing Returns to Scale written by Yi Wen and published by . This book was released on 1996 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Indeterminacy Revisited by : Mark Weder
Download or read book Indeterminacy Revisited written by Mark Weder and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a one-sector optimal growth model with variable capacity services and production externalities. It uses a new formulation of the endogenous capital utilization rate in which utilization costs appear in the form of variable maintenance expenses. I find that indeterminacy arises at approximate constant returns to scale. This result challenges the viewpoint that indeterminacy is empirically implausible.
Book Synopsis Cyclical Productivity with Unobserved Input Variation by : Susanto Basu
Download or read book Cyclical Productivity with Unobserved Input Variation written by Susanto Basu and published by . This book was released on 1997 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Determinants of Capital Utilization in Labor-managed Enterprises by : Roger R. Betancourt
Download or read book The Determinants of Capital Utilization in Labor-managed Enterprises written by Roger R. Betancourt and published by . This book was released on 1976 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Increasing Returns to Scale from Variable Capacity Utilization by : Susheng Wang
Download or read book Increasing Returns to Scale from Variable Capacity Utilization written by Susheng Wang and published by . This book was released on 2009 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes a unique model of capacity utilization in which the firm varies capacity utilization by a variable number of shifts when facing demand fluctuations. In the long run, the firm optimally chooses a capacity level based on expected demand conditions. In the short run, when facing excess demand, the firm can increase variable inputs and the number of shifts to intensify the use of existing capacity. By endogenizing cost, demand and variability of capacity utilization, we show that variable capacity utilization can lead to increasing returns to scale (IRS). Hence, we predict IRS when an economy expands in a business cycle.
Book Synopsis NBER Macroeconomics Annual 1995 by : Ben S. Bernanke
Download or read book NBER Macroeconomics Annual 1995 written by Ben S. Bernanke and published by MIT Press. This book was released on 1996 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contents : Wage Inequality and Regional Unemployment Persistence: U.S. vs. Europe, Guiseppe BErtola and Andreas Ichino. Capital Utilization and Returns to Scale, Craig Burnside, Martin Eichenbaum, and Sergio Rebelo. Banks and Derivatives, Gary Gorton and Richard Rosen. Exchange-Rate-Based Stabilizations: Theory and Evidence, Sergio Rebelo and Carlos Vegh. Inflation Indicators and Inflation Policy, Stephen Cecchetti. Recent Central Bank Reforms and the Role of Price Stability as the Sole Objective of Monetary Policy, Carl Walsh. Is Central Bank Independence (and Low Inflation) the Result of Effective Financial Opposition to Inflation?, Adam Posen. The Unending Quest for Monetary Salvation, Stanley Fischer.
Book Synopsis Capital Operating Time and total Factor Productivity Growth in France by : Mr.Luc Everaert
Download or read book Capital Operating Time and total Factor Productivity Growth in France written by Mr.Luc Everaert and published by International Monetary Fund. This book was released on 2003-06-01 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: Data on the weekly operating time of capital improve the measurement of effective capital input in production. The production function of the French business sector is found to be consistent with a Cobb-Douglas technology under constant returns to scale. Total factor productivity growth, estimated as an unobservable variable, has declined steadily since the late 1970s, but more slowly since 1994. During the 1990s, a secular increase in shift work raised the operating time of capital and began to contribute positively to growth, albeit only slightly.
Book Synopsis Capital and the Slowdown of Growth in the United States by : Stephen Oliner
Download or read book Capital and the Slowdown of Growth in the United States written by Stephen Oliner and published by . This book was released on 1988 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Utilization by : Roger R. Betancourt
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.
Book Synopsis The (Normal) Rate of Capacity Utilization at the Firm Level by : Michalis Nikiforos
Download or read book The (Normal) Rate of Capacity Utilization at the Firm Level written by Michalis Nikiforos and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the endogeneity (or lack thereof) of the rate of capacity utilization in the long run at the firm level. The cost minimizing firm has an incentive to increase the utilization of its capital if the rate of the returns to scale decreases as its production increases. The theory of production provides justification for this kind of behavior of economies of scale. In that way the desired rate of utilization becomes endogenous to variations in demand.
Author :Catherine J. Morrison Publisher :Springer Science & Business Media ISBN 13 :146139760X Total Pages :300 pages Book Rating :4.4/5 (613 download)
Book Synopsis A Microeconomic Approach to the Measurement of Economic Performance by : Catherine J. Morrison
Download or read book A Microeconomic Approach to the Measurement of Economic Performance written by Catherine J. Morrison and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text is designed to provide a comprehensive guide to students, researchers, or consultants who wish to carry out and to interpret analyses of economic performance, with an emphasis on productivity growth. The text includes an overview of standard productivity growth measurement techniques and adaptations, and data construc tion procedures. It goes further, however, by expanding the tradition al growth accounting (index number) framework to allow consider ation of how different aspects of firm behavior underlying productivity growth are interrelated, how they can be measured con sistently in a parametric model, and how they permit a well-defined decomposition of standard productivity growth measures. These ideas are developed by considering in detail a number of underlying theoretical results and econometric issues. The impacts of various production characteristics on productivity growth trends are also evaluated by overviewing selected methodological extensions and em pirical evidence. More specifically, in the methodological extensions, emphasis is placed on incorporation of cost and demand characteristics, such as fixity and adjustment costs, returns to scale, and the existence of market power, into analyses of productivity growth. These character istics, generally disregarded in such analyses, can have very important impacts on production structure and firm behavior, and thus on economic performance. They also provide the conceptual basis for vii viii PREFACE measures that are often used independently as indicators of economic performance, such as investment, capacity utilization, and profit measures.
Book Synopsis Capital Utilization in Kenya Manufacturing Industry by : Mary Ann Baily
Download or read book Capital Utilization in Kenya Manufacturing Industry written by Mary Ann Baily and published by . This book was released on 1974 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Utilization by : Roger R. Betancourt
Download or read book Capital Utilization written by Roger R. Betancourt and published by Cambridge University Press. This book was released on 2008-07-31 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.
Book Synopsis Capital Utilization by : Evangelos Otbon Simos
Download or read book Capital Utilization written by Evangelos Otbon Simos and published by . This book was released on 1977 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Food and Agriculture Organization of the United Nations Publisher :Food & Agriculture Org. ISBN 13 :9789251050156 Total Pages :144 pages Book Rating :4.0/5 (51 download)
Book Synopsis Measuring and Assessing Capacity in Fisheries by : Food and Agriculture Organization of the United Nations
Download or read book Measuring and Assessing Capacity in Fisheries written by Food and Agriculture Organization of the United Nations and published by Food & Agriculture Org.. This book was released on 2003-11-30 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper contains guidance on the measurement and assessment of fishing capacity, in light of the International Plan of Action for the Management of Fishing Capacity. Topics discussed include: definitions of capacity and related concepts; measurement of capacity and capacity utilisation; methodologies such as rapid appraisal techniques, stochastic production frontiers and data envelopment analysis; target capacity; interpretation and use of excess capacity measures.
