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The Impact of Vintage and Survival on Productivity: Evidence from Cohorts of U.S. Manufacturing Plants

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  • J. Bradford Jensen
  • Robert H McGuckin
  • Kevin J Stiroh

Abstract

This paper examines the evolution of productivity in U.S. manufacturing plants from 1963 to 1992. We define a “vintage effect” as the change in productivity of recent cohorts of new plants relative to earlier cohorts of new plants, and a “survival effect” as the change in productivity of a particular cohort of surviving plants as it ages. The data show that both factors contribute to industry productivity growth, but play offsetting roles in determining a cohort’s relative position in the productivity distribution. Recent cohorts enter with significantly higher productivity than earlier entrants did, while surviving cohorts show significant increases in productivity as they age. These two effects roughly offset each other, however, so there is a rough convergence in productivity across cohorts in 1992 and 1987. (JEL Code: D24, L6)

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Bibliographic Info

Paper provided by Center for Economic Studies, U.S. Census Bureau in its series Working Papers with number 00-06.

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Date of creation: May 2000
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Handle: RePEc:cen:wpaper:00-06

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Keywords: CES; economic; research; micro; data; microdata; chief; economist;

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  1. Cooley, T.F. & Greenwood, J. & Yorukoglu, M., 1997. "The Replacement Problem," RCER Working Papers 444, University of Rochester - Center for Economic Research (RCER).
  2. Mortensen, Dale T & Pissarides, Christopher A, 1994. "Job Creation and Job Destruction in the Theory of Unemployment," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 61(3), pages 397-415, July.
  3. Laura Power, 1998. "The Missing Link: Technology, Investment, And Productivity," The Review of Economics and Statistics, MIT Press, vol. 80(2), pages 300-313, May.
  4. Mark Doms & Timothy Dunne, 1994. "Capital Adjustment Patterns in Manufacturing Plants," Working Papers, Center for Economic Studies, U.S. Census Bureau 94-11, Center for Economic Studies, U.S. Census Bureau.
  5. Caballero, Ricardo J & Hammour, Mohamad L, 1994. "The Cleansing Effect of Recessions," American Economic Review, American Economic Association, American Economic Association, vol. 84(5), pages 1350-68, December.
  6. Jovanovic, Boyan, 1982. "Selection and the Evolution of Industry," Econometrica, Econometric Society, Econometric Society, vol. 50(3), pages 649-70, May.
  7. Bahk, Byong-Hong & Gort, Michael, 1993. "Decomposing Learning by Doing in New Plants," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 101(4), pages 561-83, August.
  8. Russell Cooper & John Haltiwanger & Laura Power, 1995. "Machine Replacement and the Business Cycle: Lumps and Bumps," NBER Working Papers 5260, National Bureau of Economic Research, Inc.
  9. Robert H Mcguckin & George A Pascoe, 1988. "The Longitudinal Research Database (LRD): Status And Research Possibilities," Working Papers, Center for Economic Studies, U.S. Census Bureau 88-2, Center for Economic Studies, U.S. Census Bureau.
  10. Mark Doms & Eric J. Bartelsman, 2000. "Understanding Productivity: Lessons from Longitudinal Microdata," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 569-594, September.
  11. Robert H Mcguckin & Bradford J Jensen, 1996. "Firm Performance And Evolution Empirical Regularities In The U.S. Microdata," Working Papers, Center for Economic Studies, U.S. Census Bureau 96-10, Center for Economic Studies, U.S. Census Bureau.
  12. Ericson, Richard & Pakes, Ariel, 1995. "Markov-Perfect Industry Dynamics: A Framework for Empirical Work," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 62(1), pages 53-82, January.
  13. John C. Haltiwanger, 1997. "Measuring and analyzing aggregate fluctuations: the importance of building from microeconomic evidence," Review, Federal Reserve Bank of St. Louis, Federal Reserve Bank of St. Louis, issue May, pages 55-78.
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