资本折旧与行业竞争：证据与理论

IF 1.5 3区经济学 Q2 ECONOMICS

International Economic Review Pub Date : 2023-12-17 DOI:10.1111/iere.12683

Alicia H. Dang, Roberto M. Samaniego

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引用次数: 0

摘要

我们认为，资本折旧率是竞争的决定因素。我们的研究表明，从美国的数据来看，资本折旧率与市场力量之间存在稳健的正相关关系。然后，我们建立了一个行业竞争的一般均衡模型，其中各行业的资本折旧率各不相同。在均衡状态下，最优储蓄决策意味着快速折旧与较高的资本成本相关，因此快速折旧行业的竞争程度低于缓慢折旧行业。根据不同的参数，校准后的模型可以解释观察到的美国各行业加价的大部分差异。

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CAPITAL DEPRECIATION AND INDUSTRY COMPETITION: EVIDENCE AND THEORY

We argue that the rate of capital depreciation is a determinant of competition. We show that the rate of capital depreciation has a robust positive relationship with market power in U.S. data. Then, we develop a general equilibrium model of industry competition where industries vary in their rate of capital depreciation. In equilibrium, optimal savings decisions imply that rapid depreciation is related to higher costs of capital, so that industries with rapid depreciation display less competition than industries with slow depreciation. Depending on parameters, the calibrated model can account for much of the observed dispersion in markups across U.S. industries.

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来源期刊

International Economic Review ECONOMICS-

CiteScore

2.60

自引率

0.00%

发文量

期刊介绍： The International Economic Review was established in 1960 to provide a forum for modern quantitative economics. From its inception, the journal has tried to stimulate economic research around the world by publishing cutting edge papers in many areas of economics, including econometrics, economic theory, macro, and applied economics.