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Interpreting the procyclical productivity of manufacturing sectors: can we really rule out external effects?

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  • Miguel Jimenez
  • Domenico Marchetti
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    Abstract

    Recent empirical contributions on procyclical productivity have focused on the dynamic implications of persistent aggregate fluctuations on sectoral productivity. Given a permanent innovation in aggregate output, unobserved variations of labour (or capital) utilization may have only a transitory effect on measured productivity, whereas external effects should produce permanent effects. It is found that persistent aggregate fluctuations have a permanent effect on productivity of four-digit US manufacturing industries. While a number of alternative explanations of this evidence are discussed and ruled out, the findings are consistent with a simple model with external or thick market effects.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/00036840110058491
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Applied Economics.

    Volume (Year): 34 (2002)
    Issue (Month): 7 ()
    Pages: 805-817

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    Handle: RePEc:taf:applec:v:34:y:2002:i:7:p:805-817

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    Cited by:
    1. Francesco Busato & Enrico Marchetti, 2009. "Endogenous Skill Cycles," Working Papers 127, University of Rome La Sapienza, Department of Public Economics.
    2. Francesco Busato & Enrico Marchetti, 2009. "Skills, sunspots and cycles," Journal of Economics, Springer, vol. 97(3), pages 189-215, July.
    3. Francesco Busato & Bruno Charini & Enrico Marchetti, 2004. "Indeterminacy, Underground Activities and Tax Evasion," Economics Working Papers 2004-12, School of Economics and Management, University of Aarhus.
    4. Costantini, Mauro & Destefanis, Sergio, 2009. "Cointegration analysis for cross-sectionally dependent panels: The case of regional production functions," Economic Modelling, Elsevier, vol. 26(2), pages 320-327, March.
    5. Lucas Navarro & Raimundo Soto, 2006. "Procyclical Productivity in Manufacturing," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 43(127), pages 193-220.
    6. Francesco Busato & Bruno Chiarini & Enrico Marchetti, 2005. "Fiscal Policy under Indeterminacy and Tax Evasion," Economics Working Papers 2005-09, School of Economics and Management, University of Aarhus.
    7. Eliseo Díaz González, 2006. "La productividad total de factores en la industria eléctrica y electrónica. El caso de la industria maquiladora en México," Economia Mexicana NUEVA EPOCA, , vol. 0(2), pages 251-287, July-Dece.

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