IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Log in (now much improved!) to save this paper

Localized Competition and the Aggregation of Plant Level Increasing Returns: Blast Furnaces 1929-1935

  • Bertin, A.L.
  • Bresnahan, T.F.
  • Raff, D.M.G.

A recent empirical literature has shaken economists' confidence in the value of aggregate (industry-level) data to illuminate production relationships. But the statistical finding 'you can't aggregate,' however well documented, is not an economic explanation. Plant-level relationships do aggregate in Depression-era blast furnace operations despite the presence of very substantial interplant heterogeneity, the most common economic cause of nonaggregability. The economic explanation of this lies in poor short-run substitutability of one plant's output for another's. Substitutability determines the importance of composition effects in understanding aggregate time series, constrains the potential cleansing effects of recessions, and therefore influences industry evolution quite broadly. Copyright 1996 by University of Chicago Press.

(This abstract was borrowed from another version of this item.)

To our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" 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.

Paper provided by Columbia - Graduate School of Business in its series Papers with number 93-10a.

as
in new window

Length: 43 pages
Date of creation: 1993
Date of revision:
Handle: RePEc:fth:colubu:93-10a
Contact details of provider: Postal:
U.S.A.; COLUMBIA UNIVERSITY, GRADUATE SCHOOL OF BUSINESS, PAINE WEBBER , New York, NY 10027 U.S.A

Phone: (212) 854-5553
Web page: http://www.gsb.columbia.edu/

More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Daniel S. Hamermesh, 1988. "Labor Demand and the Structure of Adjustment Costs," NBER Working Papers 2572, National Bureau of Economic Research, Inc.
  2. Olley, G Steven & Pakes, Ariel, 1996. "The Dynamics of Productivity in the Telecommunications Equipment Industry," Econometrica, Econometric Society, vol. 64(6), pages 1263-97, November.
  3. Ben S. Bernanke, 1985. "Employment, Hours, and Earnings in the Depression: An Analysis of EightManufacturing Industries," NBER Working Papers 1642, National Bureau of Economic Research, Inc.
  4. Anonymous, 1970. "Basic Economic Indicators Atlantic Groundfish," Working Papers 233071, United States Bureau of Commercial Fisheries, Division of Economic Research.
  5. Carlton, Dennis W, 1991. "The Theory of Allocation and Its Implications for Marketing and Industrial Structure: Why Rationing Is Efficient," Journal of Law and Economics, University of Chicago Press, vol. 34(2), pages 231-62, October.
  6. Hollis B. Chenery, 1949. "Engineering Production Functions," The Quarterly Journal of Economics, Oxford University Press, vol. 63(4), pages 507-531.
  7. Anonymous, 1970. "Basic Economic Indicators Northern Lobsters," Working Papers 233078, United States Bureau of Commercial Fisheries, Division of Economic Research.
  8. Anonymous, 1970. "Basic Economic Indicators Halibut," Working Papers 233073, United States Bureau of Commercial Fisheries, Division of Economic Research.
  9. N/A, 1970. "Calendar of Economic Events: January April 1970," National Institute Economic Review, National Institute of Economic and Social Research, vol. 52(1), pages 67-72, May.
  10. N/A, 1970. "Chapter II. The World Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 53(1), pages 21-37, August.
  11. Anonymous, 1970. "Basic Economic Indicators Clams," Working Papers 233084, United States Bureau of Commercial Fisheries, Division of Economic Research.
  12. Anonymous, 1970. "Basic Economic Indicators Shrimp," Working Papers 233089, United States Bureau of Commercial Fisheries, Division of Economic Research.
  13. Anonymous, 1970. "Basic Economic Indicators Tuna," Working Papers 233096, United States Bureau of Commercial Fisheries, Division of Economic Research.
  14. Nber, 1970. "Economics—A Half Century of Research 1920–1970," NBER Books, National Bureau of Economic Research, Inc, number annu70-1, 08.
  15. Anonymous, 1970. "Basic Economic Indicators Oysters," Working Papers 233085, United States Bureau of Commercial Fisheries, Division of Economic Research.
  16. Ben S. Bernanke & Martin L. Parkinson, 1990. "Procyclical Labor Productivity and Competing Theories of the Business Cycle: Some Evidence from Interwar U.S. Manufacturing Industries," NBER Working Papers 3503, National Bureau of Economic Research, Inc.
  17. Fay, Jon A & Medoff, James L, 1985. "Labor and Output over the Business Cycle: Some Direct Evidence," American Economic Review, American Economic Association, vol. 75(4), pages 638-55, September.
  18. Caballero, Ricardo J & Hammour, Mohamad L, 1994. "The Cleansing Effect of Recessions," American Economic Review, American Economic Association, vol. 84(5), pages 1350-68, December.
  19. anonymous, 1970. "Economic activity in 1970," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Dec, pages 867-876.
  20. Dennis W. Carlton, 1991. "The Theory of Allocation and Its Implications for Marketing and Industrial Structure," NBER Working Papers 3786, National Bureau of Economic Research, Inc.
  21. N/A, 1970. "Calendar of Economic Events: May—July 1970," National Institute Economic Review, National Institute of Economic and Social Research, vol. 53(1), pages 70-72, August.
  22. Anonymous, 1970. "Basic Economic Indicators Blue Crabs," Working Papers 233093, United States Bureau of Commercial Fisheries, Division of Economic Research.
  23. Anonymous, 1970. "Basic Economic Indicators Salmon," File Manuscripts, United States National Marine Fisheries Service, Economic Research Division, number 233218.
  24. Anonymous, 1970. "Basic Economic Indicators King and Dungeness Crabs," Working Papers 233094, United States Bureau of Commercial Fisheries, Division of Economic Research.
  25. Anonymous, 1970. "Basic Economic Indicators Menhaden," Working Papers 233095, United States Bureau of Commercial Fisheries, Division of Economic Research.
  26. Anonymous, 1970. "Basic Economic Indicators Sea Scallops," Working Papers 233079, United States Bureau of Commercial Fisheries, Division of Economic Research.
  27. anonymous, 1970. "Real economic expansion pauses," Review, Federal Reserve Bank of St. Louis, issue Feb, pages 2-7.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:fth:colubu:93-10a. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Thomas Krichel)

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.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with 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 profile, as there may be some citations waiting for confirmation.

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

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.