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Productivity Races II: The Issue of Capital Measurement

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  • Douglas W Dwyer
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    Abstract

    This paper explores the role of capital measurement in determining the productivity of individual textile plants. In addition to gross book value of capital, we experiment with a perpetual inventory measure of capital and implicit (estimated) deflator associated with the age of the plant. Following the methodology of the earlier paper (Productivity Races I), we find that measures of productivity constructed from different measures of capital are highly correlated. Further, their association with alternative measures of economic performance is approximately the same. Nevertheless, the perpetual inventory measure of capital -- the most desirable measure from a theoretical perspective -- does consistently outperform the other two measures.

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    File URL: ftp://ftp2.census.gov/ces/wp/1997/CES-WP-97-03.pdf
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    Bibliographic Info

    Paper provided by Center for Economic Studies, U.S. Census Bureau in its series Working Papers with number 97-3.

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    Date of creation: Jan 1997
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    Handle: RePEc:cen:wpaper:97-3

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

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Cabalero, R.J., 1997. "Aggregaete Investment," Working papers 97-20, Massachusetts Institute of Technology (MIT), Department of Economics.
    2. Douglas W Dwyer, 1996. "ARE FIXED EFFECTS FIXED? Persistence in Plant Level Productivity," Working Papers 96-3, Center for Economic Studies, U.S. Census Bureau.
    3. 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(2), pages 1-54.
    4. Douglas W Dwyer, 1995. "Technology Locks, Creative Destruction And Non-Convergence In Productivity Levels," Working Papers 95-6, Center for Economic Studies, U.S. Census Bureau.
    5. Douglas W Dwyer, 1995. "Whittling Away At Productivity Dispersion," Working Papers 95-5, Center for Economic Studies, U.S. Census Bureau.
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    Cited by:
    1. Raymond Mataloni, Jr., 2011. "The Productivity Advantage and Global Scope of U.S. Multinational Firms," Working Papers 11-23, Center for Economic Studies, U.S. Census Bureau.
    2. Douglas Dwyer, 1998. "Technology Locks, Creative Destruction, and Non-Convergence in Productivity Levels," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 1(2), pages 430-473, April.
    3. Jurgen Essletzbichler & David Rigby, 2005. "Technological evolution as creative destruction of process heterogeneity: evidence from US plant-level data," Economic Systems Research, Taylor & Francis Journals, vol. 17(1), pages 25-45.
    4. Nathan Musick, 1998. "Heroic Plants: Persistently Rapid Job Creators in the Longitudinal Research Database - Their Distinguishing Characteristics and Contribution to Employment Growth," Industrial Organization 9811001, EconWPA.
    5. Sang V Nguyen & Mary L Streitwieser, 1997. "Capital-Energy Substitution Revisted: New Evidence From Micro Data," Working Papers 97-4, Center for Economic Studies, U.S. Census Bureau.
    6. Drucker, Joshua & Feser, Edward, 2012. "Regional industrial structure and agglomeration economies: An analysis of productivity in three manufacturing industries," Regional Science and Urban Economics, Elsevier, vol. 42(1-2), pages 1-14.

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