Capacity Utilization Under Increasing Returns to Scale
Author | : Yin WEN |
Publisher | : |
Total Pages | : 36 |
Release | : 1998 |
Genre | : Business cycles |
ISBN | : |
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Author | : Yin WEN |
Publisher | : |
Total Pages | : 36 |
Release | : 1998 |
Genre | : Business cycles |
ISBN | : |
Author | : Susheng Wang |
Publisher | : |
Total Pages | : 26 |
Release | : 2009 |
Genre | : |
ISBN | : |
This paper proposes a unique model of capacity utilization in which the firm varies capacity utilization by a variable number of shifts when facing demand fluctuations. In the long run, the firm optimally chooses a capacity level based on expected demand conditions. In the short run, when facing excess demand, the firm can increase variable inputs and the number of shifts to intensify the use of existing capacity. By endogenizing cost, demand and variability of capacity utilization, we show that variable capacity utilization can lead to increasing returns to scale (IRS). Hence, we predict IRS when an economy expands in a business cycle.
Author | : Yi Wen |
Publisher | : |
Total Pages | : 52 |
Release | : 1996 |
Genre | : |
ISBN | : |
Author | : Thomas A. Lubik |
Publisher | : |
Total Pages | : 25 |
Release | : 2017 |
Genre | : |
ISBN | : |
I study the degree of returns to scale in aggregate U.S. data by estimating the standard RBC model with and without variable capacity utilization using Bayesian methods. The source of increasing returns is the presence of an externality in production. I find that, at best, returns are mildly increasing at a level statistically indistinguishable from the constant-returns case. A high enough degree of increasing returns is needed to support equilibrium indeterminacy and sunspot-driven business cycle fluctuations. In my estimation results, I find that I can conclusively rule out this possibility on account of a low estimated degree of increasing returns and a fairly inelastic labor supply.
Author | : Ben S. Bernanke |
Publisher | : MIT Press |
Total Pages | : 364 |
Release | : 1996 |
Genre | : Business & Economics |
ISBN | : 9780262522052 |
Contents : Wage Inequality and Regional Unemployment Persistence: U.S. vs. Europe, Guiseppe BErtola and Andreas Ichino. Capital Utilization and Returns to Scale, Craig Burnside, Martin Eichenbaum, and Sergio Rebelo. Banks and Derivatives, Gary Gorton and Richard Rosen. Exchange-Rate-Based Stabilizations: Theory and Evidence, Sergio Rebelo and Carlos Vegh. Inflation Indicators and Inflation Policy, Stephen Cecchetti. Recent Central Bank Reforms and the Role of Price Stability as the Sole Objective of Monetary Policy, Carl Walsh. Is Central Bank Independence (and Low Inflation) the Result of Effective Financial Opposition to Inflation?, Adam Posen. The Unending Quest for Monetary Salvation, Stanley Fischer.
Author | : Michalis Nikiforos |
Publisher | : |
Total Pages | : 0 |
Release | : 2013 |
Genre | : |
ISBN | : |
This paper examines the endogeneity (or lack thereof) of the rate of capacity utilization in the long run at the firm level. The cost minimizing firm has an incentive to increase the utilization of its capital if the rate of the returns to scale decreases as its production increases. The theory of production provides justification for this kind of behavior of economies of scale. In that way the desired rate of utilization becomes endogenous to variations in demand.
Author | : Mauro Bambi |
Publisher | : |
Total Pages | : |
Release | : 2008 |
Genre | : |
ISBN | : |
Author | : Patricio Millán |
Publisher | : |
Total Pages | : 68 |
Release | : 1974 |
Genre | : Industrial capacity |
ISBN | : |
Author | : Food and Agriculture Organization of the United Nations |
Publisher | : Food & Agriculture Org. |
Total Pages | : 144 |
Release | : 2003-11-30 |
Genre | : Business & Economics |
ISBN | : 9789251050156 |
This paper contains guidance on the measurement and assessment of fishing capacity, in light of the International Plan of Action for the Management of Fishing Capacity. Topics discussed include: definitions of capacity and related concepts; measurement of capacity and capacity utilisation; methodologies such as rapid appraisal techniques, stochastic production frontiers and data envelopment analysis; target capacity; interpretation and use of excess capacity measures.
Author | : Drusilla K. Brown |
Publisher | : |
Total Pages | : 36 |
Release | : 1988 |
Genre | : Tariff |
ISBN | : |