IDEAS home Printed from https://ideas.repec.org/a/mcb/jmoncb/v30y1998i1p51-63.html
   My bibliography  Save this article

Procyclical Multifactor Productivity: Tests of the Current Theories

Author

Listed:
  • Jun, Sangjoon

Abstract

This paper conducts various tests of four hypotheses to account for procycical multifactor productivity. The hypotheses include imperfect competition, increasing returns to scale, labor hoarding, and thick market externalities. The test results provide strong evidence for imperfect competition and increasing returns, and weak evidence for labor hoarding and thick market externalities. However, the markup and returns to scale parameter estimates are much smaller than those noted in previous research. This difference results from the use here of gross output and intermediate inputs as opposed to the use in previous research of value added and primary inputs.

Suggested Citation

  • Jun, Sangjoon, 1998. "Procyclical Multifactor Productivity: Tests of the Current Theories," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(1), pages 51-63, February.
    • Handle: RePEc:mcb:jmoncb:v:30:y:1998:i:1:p:51-63
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Holger Görg & Frederic Warzynski, 2003. "Price Cost Margins and Exporting Behaviour: Evidence from Firm Level Data," Discussion Papers of DIW Berlin 365, DIW Berlin, German Institute for Economic Research.
    2. Jozef Konings & Patrick Van Cayseele & Frédéric Warzynski, 2010. "The Implementation of National Competition Policy Law and the Dynamics of Price–Cost Margins: Evidence from Belgium and the Netherlands 1993–1999," Chapters, in: Jean-Luc Gaffard & Evens Salies (ed.), Innovation, Economic Growth and the Firm, chapter 9, Edward Elgar Publishing.
    3. Konings, Jozef & Van Cayseele, Patrick & Warzynski, Frederic, 2001. "The dynamics of industrial mark-ups in two small open economies: does national competition policy matter?," International Journal of Industrial Organization, Elsevier, vol. 19(5), pages 841-859, April.
    4. Miguel Jimenez & Domenico J. Marchetti, 2000. "Interpreting the Procyclical Productivity of Manufacturing Sectors: Can We Really Rule Out External Effects:," Econometric Society World Congress 2000 Contributed Papers 1319, Econometric Society.
    5. Warzynski, Frederic, 2001. "Did tough antitrust policy lead to lower mark-ups in the US manufacturing industry?," Economics Letters, Elsevier, vol. 70(1), pages 139-144, January.
    6. Georges Siotis, 2000. "Market Power, Total Factor Productivity Growth, and Structural Change. An Illustration for Spain, 1983-1996," Working Papers 0001, Banco de España.
    7. Nicholas Apergis & Stephen M. Miller, 2007. "Total Factor Productivity and Monetary Policy: Evidence from Conditional Volatility," International Finance, Wiley Blackwell, vol. 10(2), pages 131-152, July.
    8. Shu-Hua Chen, 2015. "Fiscal and Monetary Policies in a Transactions-Based Endogenous Growth Model with Imperfect Competition," The Japanese Economic Review, Japanese Economic Association, vol. 66(1), pages 89-111, March.
    9. Siotis, Georges, 2003. "Competitive pressure and economic integration: an illustration for Spain, 1983-1996," International Journal of Industrial Organization, Elsevier, vol. 21(10), pages 1435-1459, December.
    10. Edward Oczkowski & Kishor Sharma, 2001. "Imperfect Competition, Returns To Scale and Productivity Growth In Australian Manufacturing: A Smooth Transition Approach To Trade Liberalisation," International Economic Journal, Taylor & Francis Journals, vol. 15(2), pages 99-113, June.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mcb:jmoncb:v:30:y:1998:i:1:p:51-63. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley-Blackwell Digital Licensing or Christopher F. Baum (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.