The Impact of Vintage and Survival on Productivity: Evidence from Cohorts of U.S. Manufacturing Plants
AbstractThis 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.
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Bibliographic InfoPaper provided by The Conference Board, Economics Program in its series Economics Program Working Papers with number 00-01.
Length: 26 pages
Date of creation: Feb 2000
Date of revision:
Publication status: Published in The Review of Economics and Statistics, Vol. 83, No. 2, May 2001, pages 323-332.
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Other versions of this item:
- J. Bradford Jensen & Robert H. McGuckin & Kevin J. Stiroh, 2001. "The Impact Of Vintage And Survival On Productivity: Evidence From Cohorts Of U.S. Manufacturing Plants," The Review of Economics and Statistics, MIT Press, vol. 83(2), pages 323-332, May.
- J. Bradford Jensen & Robert H McGuckin & Kevin J Stiroh, 2000. "The Impact of Vintage and Survival on Productivity: Evidence from Cohorts of U.S. Manufacturing Plants," Working Papers 00-06, Center for Economic Studies, U.S. Census Bureau.
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- L6 - Industrial Organization - - Industry Studies: Manufacturing
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