Papers Containing Keywords(s): 'endogeneity'
The following papers contain search terms that you selected. From the papers listed below, you can navigate to the PDF, the profile page for that working paper, or see all the working papers written by an author. You can also explore tags, keywords, and authors that occur frequently within these papers.
See Working Papers by Tag(s), Keywords(s), Author(s), or Search Text
Click here to search again
Frequently Occurring Concepts within this Search
Viewing papers 91 through 95 of 95
-
Working PaperDoes Firms' Financial Status Affect Plant-Level Investment and Exit Decisions?
January 1999
Working Paper Number:
CES-99-03
This paper investigates the influence of a firm's financial status on the within-firm allocation of funds, reflected in its plant-level investment and exit decisions. In the empirical analysis, financial status is measured by both standard measures and an indicator variable recently suggested by Kaplan and Zingales. Based on these firm-level financial variables and on planet-level investment and production data from the U.S. Census Bureau's Longitudinal Research Database(LRD), econometric models of plant operating regimes are estimated which summarize investment and exit decisions. The empirical evidence supports the view that firm-level financial status affects investments and market exit decisions observed at the plant level.View Full Paper PDF
-
Working PaperThe Structure of Firm R&D and the Factor Intensity of Production
October 1997
Working Paper Number:
CES-97-15
This paper studies the influence of the structure of firm R&D, industry R&D spillovers, and plant level physical capital on the factor intensity of production. By the structure of firm R&D we mean its distribution across states and products. By factor intensity we mean the cost shares of variable factors, which in this paper are blue collar labor, white collar labor, and materials. We characterize the effect of the structure of firm R&D on factor intensity using a Translog cost function with quasi-fixed factors. This cost function gives rise to a system of variable cost shares that depends on factor prices, firm and industry R&D, and physical capital.View Full Paper PDF
-
Working PaperTechnology and Jobs: Secular Changes and Cyclical Dynamics
September 1996
Working Paper Number:
CES-96-07
In this paper, we exploit plant-level data for U.S. manufacturing for the 1970s and 1980s to explore the connections between changes in technology and the structure of employment and wages. We focus on the nonproduction labor share (measured alternatively by employment and wages) as the variable of interest. Our main findings are summarized as follows: (i) aggregate changes in the nonproduction labor share at annual and longer frequencies are dominated by within plant changes; (ii) the distribution of annual within plant changes exhibits a spike at zero, tremendous heterogeneity and fat left and right tails; (iii) within plant secular changes are concentrated in recessions; and (iv) while observable indicators of changes in technology account for a significant fraction of the secular increase in the average nonproduction labor share, unobservable factors account for most of the secular increase, most of the cyclical variation and most of the cross sectional heterogeneity.View Full Paper PDF
-
Working PaperThe Dynamics Of Productivity In The Telecommunications Equipment Industry
February 1992
Working Paper Number:
CES-92-02
Technological change and deregulation have caused a major restructuring of the telecommunications equipment industry over the last two decades. We estimate the parameters of a production function for the equipment industry and then use those estimates to analyze the evolution of plant-level productivity over this period. The restructuring involved significant entry and exit and large changes in the sizes of incumbents. Since firms choices on whether to liquidate and the on the quantities of inputs demanded should they continue depend on their productivity, we develop an estimation algorithm that takes into account the relationship between productivity on the one hand, and both input demand and survival on the other. The algorithm is guided by a dynamic equilibrium model that generates the exit and input demand equations needed to correct for the simultaneity and selection problems. A fully parametric estimation algorithm based on these decision rules would be both computationally burdensome and require a host of auxiliary assumptions. So we develop a semiparametric technique which is both consistent with a quite general version of the theoretical framework and easy to use. The algorithm produces markedly different estimates of both production function parameters and of productivity movements than traditional estimation procedures. We find an increase in the rate of industry productivity growth after deregulation. This in spite of the fact that there was no increase in the average of the plants' rates of productivity growth, and there was actually a fall in our index of the efficiency of the allocation of variable factors conditional on the existing distribution of fixed factors. Deregulation was, however, followed by a reallocation of capital towards more productive establishments (by a down sizing, often shutdown, of unproductive plants and by a disproportionate growth of productive establishments) which more than offset the other factors' negative impacts on aggregate productivity.View Full Paper PDF
-
Working PaperLong-Run Expectations And Capacity
April 1988
Working Paper Number:
CES-88-01
In this paper, we argue at a general level, that recent economic models of capacity and of its utilization are deficient because they do not adequately take into account firms' long-run expectations about conditions which are pertinent to their investment decisions, i.e., their decisions about altering productive capacity. We argue that the problem with these models is that they rely on the two conventional definitions of capacity which ignore these long-run expectations. Accordingly, we propose a third definition of capacity which incorporates these expectations and, thereby, corrects the problem. Furthermore, we argue that a correct, empirical analysis with the proposed definition -- indeed, any credible analysis of capacity or its utilization -- must take into account the demand for the output produced by the firms being studied. Finally, we apply the definition to clarify the meaning of surveys of capacity and, thus, show how it can be used to improve future surveys of capacity.View Full Paper PDF
