ESTIMATING LOST OUTPUT FROM ALLOCATIVE INEFFICIENCY, WITH AN APPLICATION TO CHILE AND FIRING COSTS

• 成果类型: Article
• 署名作者: Petrin, Amil; Sivadasan, Jagadeesh
• 署名单位: University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; University of Michigan System; University of Michigan
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/REST_a_00238
• 发表日期: 2013-03
• 页码: 286-301
• 关键词: job security; PRODUCTIVITY; INVESTMENT; DYNAMICS

摘要

We propose a new measure of allocative efficiency based on unrealized increases in aggregate productivity growth. We show that the difference in the value of the marginal product of an input and its marginal cost at any plant-the plant-input gap-is exactly equal to the change in aggregate output that would occur if that plant changed that input's use by one unit. We show how to estimate this gap using plant-level data for 1982 to 1994 from Chilean manufacturing. We find the gaps for blue- and white-collar labor are quite large in absolute value, and these gaps (unlike for materials and electricity) are increasing over time. The timing of the sharpest increases in the labor gaps suggests that they may be related to increases in severance pay.