Macro and Micro Dynamics of Productivity: From Devilish Details to Insights

IF 6.3 1区经济学 Q1 ECONOMICS

American Economic Journal-Macroeconomics Pub Date : 2021-06-29 DOI:10.1257/mac.20170282

G. Jacob Blackwood, Lucia S. Foster, Cheryl A. Grim, John Haltiwanger, Zoltan Wolf

引用次数: 0

Abstract

Firm-level, revenue-based productivity measures are ubiquitous in studies of firm dynamics and aggregate outcomes. One common measure is increasingly interpreted as reflecting “distortions” since in distortions’ absence, equalization of marginal revenue products should yield no dispersion in this measure. Another common but distinct measure is the residual of the firm-level revenue function, which reflects “fundamentals.” Using micro-level US manufacturing data, we find these alternative measures are highly correlated, exhibit similar dispersion, and have similar relationships with growth and survival. However, the distinction between these alternative measures is critically important for quantitative assessment of the level and decline of allocative efficiency. (JEL D21, D22, D24, G32, L60)

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生产力的宏观和微观动力学:从魔鬼般的细节到洞察力

企业层面，基于收入的生产率指标在企业动态和总体结果的研究中无处不在。一种常见的衡量标准越来越多地被解释为反映“扭曲”，因为在没有扭曲的情况下，边际收入产品的均等化应该不会产生这种衡量标准的分散。另一种常见但独特的衡量标准是公司层面收入函数的残差，它反映了“基本面”。使用微观层面的美国制造业数据，我们发现这些替代措施是高度相关的，表现出相似的分散性，并且与增长和生存有着相似的关系。然而，这些替代措施之间的区别对于定量评估分配效率的水平和下降是至关重要的。(jel d21, d22, d24, g32, l60)

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

American Economic Journal-Macroeconomics ECONOMICS-

CiteScore

8.20

自引率

1.70%

发文量

期刊介绍： American Economic Journal: Macroeconomics focuses on studies of aggregate fluctuations and growth, and the role of policy in that context. Such studies often borrow from and interact with research in other fields, such as monetary theory, industrial organization, finance, labor economics, political economy, public finance, international economics, and development economics. To the extent that they make a contribution to macroeconomics, papers in these fields are also welcome.