全球智库信息集成服务系统(G2TT): Production Flexibility, Misallocation and Total Factor Productivity

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w23970
来源ID	Working Paper 23970
	Production Flexibility, Misallocation and Total Factor Productivity
	Burak R. Uras; Ping Wang
发表日期	2017-10-30
出版年	2017
语种	英语
摘要	Economy-wide institutional deficiencies causing factor misallocation have been emphasized as essential determinants of aggregate TFP differences. This paper argues that production flexibility at the micro-level is an economic characteristic that should be given priority in TFP aggregation exercises. We investigate a heterogeneous firms model with two distinct notions of flexibility: (i) the firm-specific capacity to optimize over a set of production techniques that serve to organize capital and labor; and, (ii) the industry-specific substitutability between efficient units of capital and labor. We show the presence of a strong interaction between "ability to choose techniques" and "input substitutability": high complementarity at the industry-level amplifies imperfections associated with techniques choice at the firm-level. Using the micro-founded structure, we develop measures for factor, output and technique distortions across a distribution of firms and quantify their TFP effects. For a broad range of U.S. manufacturing industry clusters, technique distortions generate more TFP losses than misallocation resulting from capital and output distortions, with larger TFP gains from removing technique distortions in industries that exhibit high degrees of factor complementarity. Our key quantitative results are robust to outliers, production function specification, mismeasurement and parameterization of the model and are strongly present in developing country datasets.
主题	Microeconomics ; Households and Firms ; Macroeconomics ; Consumption and Investment ; Development and Growth ; Development ; Innovation and R& ; D
URL	https://www.nber.org/papers/w23970
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/581644
推荐引用方式 GB/T 7714	Burak R. Uras,Ping Wang. Production Flexibility, Misallocation and Total Factor Productivity. 2017.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w23970.pdf（628KB）	智库出版物		限制开放	CC BY-NC-SA	浏览