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The Impact of Vintage and Survival on Productivity: Evidence from Cohorts of U.S. Manufacturing Plants

May 2000

Working Paper Number:

CES-00-06

Abstract

This paper examines the evolution of productivity in U.S. manufacturing plants from 1963 to 1992. We define a 'vintage effect' as the change in productivity of recent cohorts of new plants relative to earlier cohorts of new plants, and a 'survival effect' as the change in productivity of a particular cohort of surviving plants as it ages. The data show that both factors contribute to industry productivity growth, but play offsetting roles in determining a cohort's relative position in the productivity distribution. Recent cohorts enter with significantly higher productivity than earlier entrants did, while surviving cohorts show significant increases in productivity as they age. These two effects roughly offset each other, however, so there is a rough convergence in productivity across cohorts in 1992 and 1987. (JEL Code: D24, L6)

Document Tags and Keywords

Keywords Keywords are automatically generated using KeyBERT, a powerful and innovative keyword extraction tool that utilizes BERT embeddings to ensure high-quality and contextually relevant keywords.

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:
econometrically, estimation, production, econometric, manufacturing, productivity growth, growth, industry productivity, productivity wage, trend, competitiveness, observed productivity, workforce, wages productivity, plant productivity, productivity plants, productivity dynamics

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:
Annual Survey of Manufactures, Longitudinal Research Database, Center for Economic Studies, National Bureau of Economic Research

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