The Cyclicality of Productivity Dispersion
The Cyclicality of Productivity Dispersion
复制标题
生产率分散的周期性
DOI：
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发表时间：
2011
期刊：
影响因子：
--
通讯作者：
Matthias Kehrig
中科院分区：
文献类型：
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作者：
Matthias Kehrig
使用工厂层面的数据，我表明，在美国耐用品制造业的全要素生产率的离散度是在衰退比繁荣。这种生产力分散的周期性特征在非耐用品制造业中不那么明显。在耐用品方面，这一现象主要反映了经济衰退期间非生产性企业的比例相对较高。为了解释这些发现，我构建了一个商业周期模型，其中耐用品的生产需要一个固定的投入。在繁荣时期，当这种固定投入的市场价格很高时，只有生产率更高的企业进入，只有生产率更高的在位者生存，这导致生产率分布更加压缩。由此产生的耐用品平均生产率的提高内生地转化为耐用品平均相对价格的降低。此外，我的模型与以下商业周期事实是一致的：顺周期进入，顺周期的总全要素生产率，更多的顺周期性耐用品比非耐用品产出，顺周期就业和逆周期性耐用品的相对价格和股票收益的横截面。
Using plant-level data, I show that the dispersion of total factor productivity in U.S. durable manufacturing is greater in recessions than in booms. This cyclical property of productivity dispersion is much less pronounced in non-durable manufacturing. In durables, this phenomenon primarily reflects a relatively higher share of unproductive firms in a recession. In order to interpret these findings, I construct a business cycle model where production in durables requires a fixed input. In a boom, when the market price of this fixed input is high, only more productive firms enter and only more productive incumbents survive, which results in a more compressed productivity distribution. The resulting higher average productivity in durables endogenously translates into a lower average relative price of durables. Additionally, my model is consistent with the following business cycle facts: procyclical entry, procyclical aggregate total factor productivity, more procyclicality in durable than non-durable output, procyclical employment and countercyclicality in the relative price of durables and the cross section of stock returns.
DOI：
10.1257/aer.104.4.1392
发表时间：
2014
期刊：
Corporate Finance: Valuation
影响因子：
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作者：
R. Bachmann;C. Bayer
通讯作者：
C. Bayer