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In this paper, we derive and estimate relationships governing variable utilization of capital and labor for a firm solving a dynamic cost-minimization problem. Our method allows for (i) imperfect competition, (ii) increasing returns to scale, (iii) unobserved changes in utilization, (iv)...
Persistent link: https://www.econbiz.de/10012472909
and capital are important for explaining procyclical productivity. Here I present two simple and direct tests of these …
Persistent link: https://www.econbiz.de/10012473533
procyclicality of productivity, and simultaneously predicts large welfare losses from monetary non-neutrality. The key features of …
Persistent link: https://www.econbiz.de/10012474098