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Investment in Capital Assets and Economic Performance: The U.S. Chemicals and Primary-Metals Industries in Transition

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  • Morrison, Catherine J

Abstract

The effects of market and technological conditions on the investment and markup behavior of firms, and their resulting impacts on economic performance, are closely interrelated and comple x. In this paper determinants of and linkages among these are explored. for two industries with very different performance records and developme nt patterns--the chemicals and primary metals industries. The analysis is carried out using a production theory model that permits explicit assessment of the motivations underlying firm decisions, and data th at allows high tech investment to be distinguished from general capital assets. This allows modeling and measurement of technological and behavioral factors underlying investment, input demand and pricing decisions, and resulting economic performance.

Suggested Citation

  • Morrison, Catherine J, 1993. "Investment in Capital Assets and Economic Performance: The U.S. Chemicals and Primary-Metals Industries in Transition," Journal of Business & Economic Statistics, American Statistical Association, vol. 11(1), pages 45-60, January.
  • Handle: RePEc:bes:jnlbes:v:11:y:1993:i:1:p:45-60
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    1. Catherine J. Morrison, 1989. "Unraveling the Productivity Growth Slowdown in the U.S., Canada and Japan: The Effects of Subequilibrium, Scale Economies and Markup," NBER Working Papers 2993, National Bureau of Economic Research, Inc.
    2. Morrison, Catherine J, 1988. "Quasi-Fixed Inputs in U.S. and Japanese Manufacturing: A Generalized Leontief Restricted Cost Function Approach," The Review of Economics and Statistics, MIT Press, vol. 70(2), pages 275-287, May.
    3. Hall, Robert E, 1988. "The Relation between Price and Marginal Cost in U.S. Industry," Journal of Political Economy, University of Chicago Press, vol. 96(5), pages 921-947, October.
    4. Morrison, C. J. & Berndt, E. R., 1981. "Short-run labor productivity in a dynamic model," Journal of Econometrics, Elsevier, vol. 16(3), pages 339-365, August.
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    Cited by:

    1. Feenstra, T.L. & Kort, P.M. & de Zeeuw, A.J., 1997. "Environmental Policy in an International Duopoly : An Analysis of Feedback Investment Strategies," Discussion Paper 1997-43, Tilburg University, Center for Economic Research.
    2. Berndt, Ernst R. & Morrison, Catherine J., 1995. "High-tech capital formation and economic performance in U.S. manufacturing industries An exploratory analysis," Journal of Econometrics, Elsevier, vol. 65(1), pages 9-43, January.

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