Dynamic Inputs and Resource (Mis)Allocation

• 成果类型: Article
• 署名作者: Asker, John; Collard-Wexler, Allan; De Loecker, Jan
• 署名单位: University of California System; University of California Los Angeles; National Bureau of Economic Research; Duke University; Princeton University
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/677072
• 发表日期: 2014
• 页码: 1013-1063
• 关键词: trade liberalization; PRODUCTIVITY; misallocation; uncertainty; EFFICIENCY; markups

摘要

We investigate the role of dynamic production inputs and their associated adjustment costs in shaping the dispersion of static measures of capital misallocation within industries (and countries). Across nine data sets spanning 40 countries, we find that industries exhibiting greater time-series volatility of productivity have greater cross-sectional dispersion of the marginal revenue product of capital. We use a standard investment model with adjustment costs to show that variation in the volatility of productivity across these industries and economies can explain a large share (80-90 percent) of the cross-industry (and cross-country) variation in the dispersion of the marginal revenue product of capital.