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Productivity, Markup, Scale Economies, and the Business Cycle: Estimates from firm-level panel data in Japan

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  • KIYOTA Kozo

Abstract

This paper examines the relationship between productivity, markup, scale economies, and the business cycle. The paper contributes to the literature by presenting a simple econometric framework that permits simultaneous estimation of the changes in productivity, markup, and scale economies from a panel of firm-level data. The framework is then applied to Japanese firm-level data for 1994-2006. The results indicate that productivity is procyclical even after the changes in markup and scale economies are controlled for. However, both markup and scale economies are neither procyclical nor countercyclical once the changes in productivity are taken into account.

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File URL: http://www.rieti.go.jp/jp/publications/dp/10e040.pdf
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Bibliographic Info

Paper provided by Research Institute of Economy, Trade and Industry (RIETI) in its series Discussion papers with number 10040.

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Length: 34 pages
Date of creation: Jul 2010
Date of revision:
Handle: RePEc:eti:dpaper:10040

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References

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  1. Robert Inklaar, 2007. "Cyclical Productivity in Europe and the United States: Evaluating the Evidence on Returns to Scale and Input Utilization," Economica, London School of Economics and Political Science, vol. 74(296), pages 822-841, November.
  2. Kyoji Fukao & Hyeog Ug Kwon, 2006. "Why Did Japan'S Tfp Growth Slow Down In The Lost Decade? An Empirical Analysis Based On Firm-Level Data Of Manufacturing Firms," The Japanese Economic Review, Japanese Economic Association, vol. 57(2), pages 195-228.
  3. Susanto Basu & John Fernald, 2000. "Why Is Productivity Procyclical? Why Do We Care?," NBER Working Papers 7940, National Bureau of Economic Research, Inc.
  4. Kozo Kiyota & Takanobu Nakajima & Kiyohiko G. Nishimura, 2009. "Measurement of the market power of firms: the Japanese case in the 1990s," Industrial and Corporate Change, Oxford University Press, vol. 18(3), pages 381-414, June.
  5. Bottasso, Anna & Sembenelli, Alessandro, 2001. "Market power, productivity and the EU Single Market Program: Evidence from a panel of Italian firms," European Economic Review, Elsevier, vol. 45(1), pages 167-186, January.
  6. Judith A. Chevalier & David S. Scharfstein, 1994. "Capital Market Imperfections and Countercyclical Markups: Theory and Evidence," NBER Working Papers 4614, National Bureau of Economic Research, Inc.
  7. R Blundell & Steven Bond, . "Initial conditions and moment restrictions in dynamic panel data model," Economics Papers W14&104., Economics Group, Nuffield College, University of Oxford.
  8. Susanto Basu, 1995. "Procyclical Productivity: Increasing Returns or Cyclical Utilization?," NBER Working Papers 5336, National Bureau of Economic Research, Inc.
  9. Basu, Susanto & Fernald, John G, 1997. "Returns to Scale in U.S. Production: Estimates and Implications," Journal of Political Economy, University of Chicago Press, vol. 105(2), pages 249-83, April.
  10. Nishimura, Kiyohiko G. & Nakajima, Takanobu & Kiyota, Kozo, 2005. "Does the natural selection mechanism still work in severe recessions?: Examination of the Japanese economy in the 1990s," Journal of Economic Behavior & Organization, Elsevier, vol. 58(1), pages 53-78, September.
  11. FUKAO Kyoji & HAMAGATA Sumio & INUI Tomohiko & ITO Keiko & Hyeog Ug KWON & MAKINO Tatsuji & MIYAGAWA Tsutomu & NAKANISHI Yasuo & TOKUI Joji, 2007. "Estimation Procedures and TFP Analysis of the JIP Database 2006 Provisional Version," Discussion papers 07003, Research Institute of Economy, Trade and Industry (RIETI).
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Cited by:
  1. Sabien Dobbelaere & Kozo Kiyota & Jacques Mairesse, 2013. "Product and Labor Market Imperfections and Scale Economies: Micro-Evidence on France, Japan and the Netherlands," Tinbergen Institute Discussion Papers 13-037/VII, Tinbergen Institute.
  2. HORI Takeo & UCHINO Taisuke, 2013. "Competition, Productivity Growth, and Structural Change," Discussion papers 13041, Research Institute of Economy, Trade and Industry (RIETI).

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