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

Jens Krüger ()

No 10/2004, Jenaer Schriften zur Wirtschaftswissenschaft (Expired!) from Friedrich Schiller University of Jena, School of of Economics and Business Administration

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.

Keywords: technology shocks; business cycles; nonparametric productivity measurement (search for similar items in EconPapers)
JEL-codes: C14 D24 E32 L60 O47 (search for similar items in EconPapers)
Date: 2004-06
New Economics Papers: this item is included in nep-dge
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Persistent link: https://EconPapers.repec.org/RePEc:jen:jenasw:2004-10

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