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Is There a Declining Trend in Capacity Utilization in the US Economy? A Technical Note

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  • Santiago José Gahn

Abstract

Recent contributions have mentioned the possibility of a declining trend in capacity utilization in the US since the 1970s. However, no consensus has emerged on the empirical evidence. The aim of this paper is to identify if such a declining trend in capacity utilization exists in the US economy: New empirical evidence is shown confirming that this is the case, at least since 1989.

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  • Santiago José Gahn, 2020. "Is There a Declining Trend in Capacity Utilization in the US Economy? A Technical Note," Review of Political Economy, Taylor & Francis Journals, vol. 32(2), pages 283-296, April.
    • Handle: RePEc:taf:revpoe:v:32:y:2020:i:2:p:283-296
    DOI: 10.1080/09538259.2020.1769906
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    Cited by:

    1. Petach, Luke & Tavani, Daniele, 2022. "Aggregate demand externalities, income distribution, and wealth inequality," Structural Change and Economic Dynamics, Elsevier, vol. 60(C), pages 433-446.
    2. Gahn, Santiago José, 2021. "On the adjustment of capacity utilisation to aggregate demand: Revisiting an old Sraffian critique to the Neo-Kaleckian model," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 325-360.
    3. Santiago J. Gahn, 2022. "Towards an explanation of a declining trend in capacity utilisation in the US economy," Working Papers PKWP2214, Post Keynesian Economics Society (PKES).
    4. MatÍas Vernengo & Esteban Ramon Perez Caldentey, 2023. "Price and Prejudice: A Note on the Return of Inflation and Ideology," Working Papers PKWP2302, Post Keynesian Economics Society (PKES).
    5. Luke Petach & Daniele Tavani, 2021. "Aggregate Demand Externalities, Income Distribution, and Wealth Inequality," FMM Working Paper 66-2021, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    6. Santiago José Gahn & Alejandro González, 2022. "On the empirical content of the convergence debate: Cross‐country evidence on growth and capacity utilisation," Metroeconomica, Wiley Blackwell, vol. 73(3), pages 825-855, July.
    7. Joana David Avritzer & Lídia Brochier, 2022. "Household credit-financed consumption and the debt service ratio: tackling endogenous autonomous demand in the Supermultiplier model," Working Papers PKWP2219, Post Keynesian Economics Society (PKES).
    8. Remzi Baris Tercioglu, 2020. "A sectoral approach to measuring output gap: Evidence from 20 US sectors over 1948-2019," Working Papers 2012, New School for Social Research, Department of Economics, revised Jun 2021.
    9. de Oliveira, Guilherme, 2023. "On the utilization controversy in the demand-led growth literature: A quantile unit root approach," Economic Modelling, Elsevier, vol. 126(C).

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