Estimates of the Returns to Scale for US Manufacturing
Author | : Sumru Altug |
Publisher | : |
Total Pages | : 58 |
Release | : 1999 |
Genre | : Economics |
ISBN | : |
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Author | : Sumru Altug |
Publisher | : |
Total Pages | : 58 |
Release | : 1999 |
Genre | : Economics |
ISBN | : |
Author | : Sumru Altuğ |
Publisher | : |
Total Pages | : 23 |
Release | : 1997 |
Genre | : Industrial productivity |
ISBN | : |
Author | : Susanto Basu |
Publisher | : |
Total Pages | : 60 |
Release | : 1996 |
Genre | : Economies of scale |
ISBN | : |
Author | : Thomas W. Ross |
Publisher | : |
Total Pages | : 32 |
Release | : 2019 |
Genre | : Economies of scale |
ISBN | : |
We estimate constant returns or slightly decreasing returns at the industry level in the private U.S. economy over the past 30 years, using two separate industry datasets. An intuitive identity linking returns to scale, the markup, and the profit rate, gives an implied markup of approximately 12 percent, smaller than the estimates in the recent literature ranging from 15-40 percent. Put differently, given our estimated profit rate, large markups imply strongly increasing returns, which are not evident in the aggregate data. These findings suggest that approximately constant returns to scale in the U.S. economy are consistent with a relatively small aggregate markup in the post-1990 period.
Author | : Susanto Basu |
Publisher | : |
Total Pages | : 34 |
Release | : 1994 |
Genre | : Manufactures |
ISBN | : |
Author | : David Begg |
Publisher | : McGraw Hill |
Total Pages | : 715 |
Release | : 2019-12-11 |
Genre | : Business & Economics |
ISBN | : 152684740X |
EBOOK: Economics, 12e
Author | : Yoram Bellicha |
Publisher | : |
Total Pages | : 382 |
Release | : 1979 |
Genre | : Economies of scale |
ISBN | : |
Author | : Miguel Jimenez |
Publisher | : Routledge |
Total Pages | : 197 |
Release | : 2015-03-27 |
Genre | : Business & Economics |
ISBN | : 1317512111 |
This book presents several pieces of empirical work which disentangle why the standard measure of productivity growth used in macroeconomics turn out to be procyclical for American manufacturing industries. Procyclical productivity is an essential feature of business cycles because of its important implications for macroeconomic modelling. The author explains why traditional Keynesian theories of the business cycle do not explain satisfactorily why productivity is procyclical, and argues that the force of technology for generating economic cycles is much more important than that of the management or mismanagement of monetary or fiscal policies. This book is aimed at those working in empirical macroeconomics but also industrial economics.
Author | : Ricardo J. Caballero |
Publisher | : |
Total Pages | : 32 |
Release | : 2007 |
Genre | : |
ISBN | : |
This paper develops a method for joint estimation of both the degree of internal returns to scale and the extent of external economies. We apply the method in estimating returns to scale indexes for U.S. manufacturing industries at the two-digit level. Overall, we find that only three of the twenty industry categories show any evidence of internal increasing returns: (1) Primary Metals, (2) Electrical Machinery, and (3) Paper Products. More striking, however, is the very strong evidence of the existence of external economies, where external is defined as external to a given two-digitindustry and internal to the U.S.. According to our preferred estimates, if all manufacturing industries simultaneously raise their inputs by 10%, aggregate manufacturing production rises by 13%, of which about 5% is due to external economies. Thus, when an industry increases its inputs in isolation by 10%, its output rises by no more than 8%.
Author | : Daniel Shefer |
Publisher | : |
Total Pages | : 70 |
Release | : 1972 |
Genre | : |
ISBN | : |