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Capacity Utilization and Technology Shocks in the U.S. Manufacturing Sector

Author

Listed:
  • Jens J. Krüger

    (University of Jena, Faculty of Economics)

Abstract

In this paper the time series properties of the outcomes of two different specifications of a nonparametric productivity analysis are compared using data for three- and four- digit U.S. manufacturing industries over the period 1958-96. The first model is standard and does not account for variations of capacity utilization of the production factors whereas the second model does. Correcting for utilization leads on average to substantially smaller technology shocks which are less strongly correlation with growth rate series of output and hours as the results show. Also the probability of technological regress is considerably lower after the correction.

Suggested Citation

  • Jens J. Krüger, 2004. "Capacity Utilization and Technology Shocks in the U.S. Manufacturing Sector," Jenaer Schriften zur Wirtschaftswissenschaft (Expired!) 10/2004, Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultät.
    • Handle: RePEc:jen:jenasw:2004-10
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    More about this item

    Keywords

    technology shocks; business cycles; nonparametric productivity measurement;
    All these keywords.

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • L60 - Industrial Organization - - Industry Studies: Manufacturing - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General

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