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Productivity Dispersion: Facts, Theory, and Implications

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  • Hideaki Aoyama
  • Hiroshi Yoshikawa
  • Hiroshi Iyetomi
  • Yoshi Fujiwara
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    Abstract

    We study productivity dispersions across workers, firms and industrial sectors. Empirical study of the Japanese data shows that they all obey the Pareto law, and also that the Pareto index decreases with the level of aggregation. In order to explain these two stylized facts, we propose a theoretical framework built upon the basic principle of statistical physics. In this framework, we employ the concept of superstatistics which accommodates fluctuations of aggregate demand.

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    File URL: http://arxiv.org/pdf/0805.2792
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    Bibliographic Info

    Paper provided by arXiv.org in its series Papers with number 0805.2792.

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    Date of creation: May 2008
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    Handle: RePEc:arx:papers:0805.2792

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    Web page: http://arxiv.org/

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    1. Fay, Jon A & Medoff, James L, 1985. "Labor and Output over the Business Cycle: Some Direct Evidence," American Economic Review, American Economic Association, vol. 75(4), pages 638-55, September.
    2. Xavier Gabaix, 2005. "The Granular Origins of Aggregate Fluctuations," 2005 Meeting Papers 470, Society for Economic Dynamics.
    3. Steven J. Davis & John C. Haltiwanger & Scott Schuh, 1998. "Job Creation and Destruction," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262540932.
    4. Tobin, James, 1972. "Inflation and Unemployment," American Economic Review, American Economic Association, vol. 62(1), pages 1-18, March.
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    Cited by:
    1. Aoki, Masanao & Yoshikawa, Hiroshi, 2008. "The Nature of Equilibrium in Macroeconomics: A Critique of Equilibrium Search Theory," Economics Discussion Papers 2008-37, Kiel Institute for the World Economy.

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