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Production function estimation with industry capacity data

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  • Plutarchos Sakellaris

Abstract

This paper introduces a new data set for the analysis of productivity in U.S. manufacturing. It consists of data on production and input levels when the plants in an industry operate at capacity. The estimates are consistent with those obtained using data on actual operations from the ASM. As an application, I use this data to estimate the rate of growth of technological change that is embodied in equipment capital. The estimates imply a larger role of equipment investment and embodied technological change on economic growth than is conventionally assumed.

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File URL: http://www.federalreserve.gov/pubs/feds/2001/200106/200106abs.html
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File URL: http://www.federalreserve.gov/pubs/feds/2001/200106/200106pap.pdf
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Bibliographic Info

Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series Finance and Economics Discussion Series with number 2001-06.

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Date of creation: 2001
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Handle: RePEc:fip:fedgfe:2001-06

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Related research

Keywords: Productivity ; Manufactures ; Technology;

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Cited by:
  1. Whelan, Karl, 2003. "Embodiment, Productivity, and the Age Distribution of Capital," Research Technical Papers 4/RT/03, Central Bank of Ireland.
  2. Taiji Hagiwara & Yoichi Matsubayashi, 2014. "Capital Accumulation, Vintage and Productivity: The Japanese Experience," Discussion Papers 1418, Graduate School of Economics, Kobe University.
  3. SHINADA Naoki, 2011. "Quality of Labor, Capital, and Productivity Growth in Japan: Effects of employee age, seniority, and capital vintage," Discussion papers 11036, Research Institute of Economy, Trade and Industry (RIETI).
  4. TOKUI Joji & INUI Tomohiko & Young Gak KIM, 2008. "Embodied Technological Progress and the Productivity Slowdown in Japan," Discussion papers 08017, Research Institute of Economy, Trade and Industry (RIETI).

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