Should Capital Input Data Receive a Utilization Adjustment?

A. Field
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引用次数: 2

Abstract

A common procedure in productivity research is to use estimates of the stocks of physical capital as proxies for service flows. A number of authors propose cyclical adjustments for capital input which, if large enough, will eliminate findings of procyclicality in the behavior of TFP. This paper argues that for the preponderance of assets in the fixed capital stock, fluctuations in utilization have little effect on user costs. In the aggregate, adjustments to capital input data for utilization should consequently be small, much smaller, for example, than those suggested by Solow (1957), Griliches and Jorgenson (1966), Tatom (1980), Shapiro (1993), or Basu and Fernald. (2000).
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资本投入数据应该接受利用率调整吗?
生产率研究中的一个常见程序是使用实物资本存量的估计作为服务流量的代理。一些作者提出资本投入的周期性调整,如果足够大,将消除全要素生产率行为中的顺周期性的发现。本文认为,对于资产在固定资本存量中占优势的情况,利用率的波动对用户成本的影响不大。因此,总体而言,对资本投入数据的利用调整应该很小,例如,比索洛(1957)、格里里奇和乔根森(1966)、塔托姆(1980)、夏皮罗(1993)或巴苏和弗纳尔德建议的调整要小得多。(2000)。
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