External effects in U.S. procyclical productivity
External effects in U.S. procyclical productivity
复制标题
美国顺周期生产率的外部影响
DOI：
10.1016/0304-3932(92)90013-r
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发表时间：
1992
影响因子：
4.1
通讯作者：
R. Lyons
中科院分区：
文献类型：
--
作者：
Ricardo J. Caballero;R. Lyons
在这篇文章中，我们突出了聚合顺周期生产率现象的一个新维度。我们表明，对制造业整体而言，对规模回报程度的估计大于对两位数行业的估计。由于这种差异必然是由于只在最总体水平上内化的因素造成的，我们称之为外部效应。这一结果排除了基于自身投入差异的解释--例如真正的回报递增和与自身活动相关的不可测量的要素利用--作为对总的顺周期生产率的唯一解释。我们探讨了这种外部效应的几种可能的解释。
In this paper we highlight a new dimension of the aggregate procyclical productivity phenomenon. We show that estimates of the degree of returns to scale are larger for manufacturing as a whole than for two-digit industries. Since this difference must be due to factors that are only internalized at the most aggregate level, we term it an external effect. This result rules out explanations based on own-input variation —such as true increasing returns and unmeasured factor utilization tied to own-activity —as the sole explanations for aggregate procyclical productivity. We explore several potential explanations of this external effect.