Production function estimation with industry capacity data

Plutarchos Sakellaris

No 2001-06, Finance and Economics Discussion Series from Board of Governors of the Federal Reserve System (U.S.)

Abstract: This paper introduces a new data set for the analysis of productivity in U.S. manufacturing. It consists of data on production and input levels when the plants in an industry operate at capacity. The estimates are consistent with those obtained using data on actual operations from the ASM. As an application, I use this data to estimate the rate of growth of technological change that is embodied in equipment capital. The estimates imply a larger role of equipment investment and embodied technological change on economic growth than is conventionally assumed.

Keywords: Productivity; Manufactures; Technology (search for similar items in EconPapers)
Date: 2001
New Economics Papers: this item is included in nep-eff
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgfe:2001-06

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