Intensive and Extensive Margins of Capital and Labor
Intensive and Extensive Margins of Capital and Labor
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DOI：
10.2139/ssrn.3560069
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发表时间：
2020-03
期刊：
影响因子：
--
通讯作者：
Hirokazu Mizobata;H. Toyoda
中科院分区：
文献类型：
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作者：
Hirokazu Mizobata;H. Toyoda
资本和劳动力的集约边际和粗放边际在宏观经济波动中发挥什么作用？为了回答这个问题，我们构建了一个真实的经济周期模型，该模型同时考虑了资本和劳动力的集约利润和粗放利润。尽管人们认识到这两个边际对总体经济的重要性，但许多文献对这些边际的处理还不够。我们使用日本数据估计我们的模型以获得脉冲响应函数和方差分解。我们发现，为了应对积极的生产率冲击，企业通过提高资本利用率和实物投资来增加有效资本，同时通过改变工作时间而不是员工数量来调整总工作时间。此外，我们发现资本折旧和劳动力供给冲击是资本利用率和工作时间的主要驱动因素，对产出波动有显着影响。我们的结果表明，在讨论暂时降低企业所得税率的影响时，考虑集约边际和粗放边际调整的重要性。
What role do the intensive and extensive margins of capital and labor play in macroeconomic fluctuations? To answer this question, we construct a real business cycle model that considers both intensive and extensive margins of capital and labor. While the importance of these two margins in terms of the aggregate economy is recognized, the treatment of these margins in much of the literature is insufficient. We estimated our model using Japanese data to obtain the impulse response functions and variance decomposition. We find that in response to a positive productivity shock, firms increase their effective capital by increasing their capital utilization rate and their physical investment, while they adjust their total hours worked by changing working hours rather than the number of employees. Additionally, we find that the capital depreciation and labor supply shocks, which are the main drivers of the capital utilization rate and working hours, have a significant influence on output fluctuations. Our results indicate the importance of considering adjustments along the intensive and extensive margins when we discuss the effect of a temporary reduction in corporate income tax rate.