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Organizational Capital, Learning-by-Doing and Investment Volatility

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Author Info
Fabiano Rodrigues Bastos (Universidade de Brasília)
Abstract

This paper addresses the issue of plant-level investment volatility in the context of a purely convex model, where fluctuations are driven by technological shocks. The aim is to assess the role of learning-by-doing in reproducing the well-documented non-smooth investment dynamics at the plant-level, instead of relying on typical non-convexities (fixed costs or indivisibilities) used to account for lumpy investment behavior. The concept of organizational capital is essential in the analysis, and it provides the channel through which learning affects production. Our results indicate that learning-by-doing constitutes a potentially important source of investment volatility at the plant-level, and that one should not believe that convex models of investment necessarily deliver smooth dynamics.

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File URL: http://www.anpec.org.br/revista/vol8/vol8n3p463_475.pdf
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Publisher Info
Article provided by ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics] in its journal Economia.

Volume (Year): 8 (2007)
Issue (Month): 3 ()
Pages: 463–475
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:anp:econom:v:8:y:2007:i:3:p:463-475

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Related research
Keywords: Organizational Capital; Investment Volatility; Learning-by-Doing;

Other versions of this item:

Find related papers by JEL classification:
C63 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Computational Techniques
D21 - Microeconomics - - Production and Organizations - - - Firm Behavior
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity

References listed on IDEAS
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  1. Parente Stephen L., 1994. "Technology Adoption, Learning-by-Doing, and Economic Growth," Journal of Economic Theory, Elsevier, vol. 63(2), pages 346-369, August. [Downloadable!] (restricted)
  2. C. Lanier Benkard, 2000. "Learning and Forgetting: The Dynamics of Aircraft Production," American Economic Review, American Economic Association, vol. 90(4), pages 1034-1054, September. [Downloadable!] (restricted)
  3. Russell Cooper & Alok Johri, 1999. "Learning by Doing and Aggregate Fluctuations," NBER Working Papers 6898, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. Plutarchos Sakellaris, 2000. "Patterns of Plant Adjustment," Electronic Working Papers 00-001, University of Maryland, Department of Economics. [Downloadable!]
  5. Rosen, Sherwin, 1972. "Learning by Experience as Joint Production," The Quarterly Journal of Economics, MIT Press, vol. 86(3), pages 366-82, August. [Downloadable!] (restricted)
  6. Jovanovic, B. & Nyarko, Y., 1996. "Learning by Doing and the Choice of Technology," Working Papers 96-25, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
    Other versions:
  7. Mark E. Doms & Timothy Dunne, 1998. "Capital Adjustment Patterns in Manufacturing Plants," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(2), pages 409-429, April. [Downloadable!] (restricted)
    Other versions:
  8. Plutarchos Sakellaris, 2001. "Patterns of plant adjustment," Finance and Economics Discussion Series 2001-05, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  9. Russell W. Cooper & John C. Haltiwanger, 2000. "On the Nature of Capital Adjustment Costs," NBER Working Papers 7925, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  10. Andrew Atkeson & Patrick J. Kehoe, 2002. "Measuring Organization Capital," NBER Working Papers 8722, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  11. Ricardo J. Caballero & Eduardo M. R. A. Engel & John C. Haltiwanger, 1995. "Plant-Level Adjustment and Aggregate Investment Dynamics," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(1995-2), pages 1-54. [Downloadable!]
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