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Procyclical Multifactor Productivity: Tests of the Current Theories

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  • Jun, Sangjoon
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    Abstract

    This paper conducts various tests of four hypotheses to account for procycical multifactor productivity. The hypotheses include imperfect competition, increasing returns to scale, labor hoarding, and thick market externalities. The test results provide strong evidence for imperfect competition and increasing returns, and weak evidence for labor hoarding and thick market externalities. However, the markup and returns to scale parameter estimates are much smaller than those noted in previous research. This difference results from the use here of gross output and intermediate inputs as opposed to the use in previous research of value added and primary inputs.

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    Bibliographic Info

    Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

    Volume (Year): 30 (1998)
    Issue (Month): 1 (February)
    Pages: 51-63

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    Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:1:p:51-63

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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    Cited by:
    1. Nicholas Apergis & Stephen M. Miller, 2007. "Total Factor Productivity and Monetary Policy: Evidence from Conditional Volatility," International Finance, Wiley Blackwell, vol. 10(2), pages 131-152, 07.
    2. Konings, Jozef & Van Cayseele, Patrick & Warzynski, Frederic, 2001. "The dynamics of industrial mark-ups in two small open economies: does national competition policy matter?," International Journal of Industrial Organization, Elsevier, vol. 19(5), pages 841-859, April.
    3. Miguel Jimenez & Domenico J. Marchetti, 2000. "Interpreting the Procyclical Productivity of Manufacturing Sectors: Can We Really Rule Out External Effects:," Econometric Society World Congress 2000 Contributed Papers 1319, Econometric Society.
    4. Holger Gæ””g & Frederic Warzynski, 2003. "Price cost margins and exporting behaviour: Evidence from firm level data," LICOS Discussion Papers 13303, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
    5. Edward Oczkowski & Kishor Sharma, 2001. "Imperfect Competition, Returns To Scale and Productivity Growth In Australian Manufacturing: A Smooth Transition Approach To Trade Liberalisation," International Economic Journal, Taylor & Francis Journals, vol. 15(2), pages 99-113, June.
    6. Warzynski, Frederic, 2001. "Did tough antitrust policy lead to lower mark-ups in the US manufacturing industry?," Economics Letters, Elsevier, vol. 70(1), pages 139-144, January.
    7. Siotis, Georges, 2003. "Competitive pressure and economic integration: an illustration for Spain, 1983-1996," International Journal of Industrial Organization, Elsevier, vol. 21(10), pages 1435-1459, December.

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