Dynamic Inputs and Resource (Mis)Allocation
Dynamic Inputs and Resource (Mis)Allocation
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DOI：
10.1086/677072
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发表时间：
2014-10-01
影响因子：
8.2
通讯作者：
De Loecker, Jan
中科院分区：
文献类型：
--
作者：
Asker, John;Collard-Wexler, Allan;De Loecker, Jan
我们研究动态生产投入及其相关的调整成本在塑造行业（和国家）内资本错配的静态措施的分散中的作用。在跨越40个国家的9个数据集中，我们发现，生产率时间序列波动性较大的行业，资本边际收益产品的横截面离散度更大。我们使用一个标准的投资模型，调整成本表明，这些行业和经济体的生产率波动性的变化可以解释资本边际收益产品分散的跨行业（和跨国）变化的很大一部分（80- 90%）。
We investigate the role of dynamic production inputs and their associated adjustment costs in shaping the dispersion of static measures of capital misallocation within industries (and countries). Across nine data sets spanning 40 countries, we find that industries exhibiting greater time-series volatility of productivity have greater cross-sectional dispersion of the marginal revenue product of capital. We use a standard investment model with adjustment costs to show that variation in the volatility of productivity across these industries and economies can explain a large share (80-90 percent) of the cross-industry (and cross-country) variation in the dispersion of the marginal revenue product of capital.