Input cost, capacity utilization and substitution in the short run

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Mostrar el registro sencillo del ítem Delgado, Miguel A. Jaumandreu, Jordi Martín Marcos, Ana 2009-07-17T10:02:50Z 2009-07-17T10:02:50Z 1999
dc.identifier.bibliographicCitation Spanish Economic Review. 1999, vol.1, nº. 3, p. 239-262
dc.identifier.issn 1435-5477
dc.description.abstract This article studies the behavior of input cost shares in an environment where labor is costly to adjust, materials can be adjusted at no cost and capital is fixed. A model relating cost shares with relative prices and adjustment costs is proposed, allowing joint estimation of the elasticity of substitution and the adjustment cost function, which is an unknown function of the capacity utilization. Based on a panel of more than 700 manufacturing firms, we find evidence of strong input share variations according to the degree of capacity utilization. The estimated shapes of adjustment costs curves of labor are in agreement with our theoretical model, and we obtain sensible elasticities of substitution estimates. Based on such estimates, we find evidence of a negative (positive) bias in downturns (recoveries) in conventional productivity growth measures.
dc.format.mimetype text/plain
dc.format.mimetype application/pdf
dc.language.iso eng
dc.publisher Springer
dc.subject.other Capacity utilization
dc.subject.other input shares
dc.subject.other productivity measurements
dc.title Input cost, capacity utilization and substitution in the short run
dc.type article PeerReviewed
dc.description.status Publicado
dc.subject.jel D24
dc.subject.jel E32
dc.subject.eciencia Economía
dc.identifier.doi 10.1007/s101080050011
dc.rights.accessRights openAccess
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