Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/53949
Full metadata record
DC FieldValueLanguage
dc.contributor.authorCao, Shutaoen_US
dc.date.accessioned2011-12-15T12:58:38Z-
dc.date.available2011-12-15T12:58:38Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/53949-
dc.description.abstractThe author studies the effects of capital reallocation (the flow of productive capital across firms and establishments mainly through changes in ownership) on aggregate labour productivity. Capital reallocation is an important activity in the United States: on average, its total value is 34 per cent of U.S. GDP. Firms with lower productivity are more likely to be reallocated to (i.e., bought by) more productive firms. Reallocated establishments experience an increase in productivity. The author develops a dynamic model of capital reallocation and compares its predictions with U.S. data. In the model, limited participation in acquisition markets by heterogeneous firms results in an increase in aggregate productivity. With reasonably chosen parameter values, policy experiments show that the increased reallocation of capital and labour contributed as much as a 17 per cent improvement in aggregate labour productivity in the mid-1980s. When a positive total-factor-productivity shock occurs, in steady state the increase in aggregate productivity arises entirely from this shock, and reallocation is unaffected.en_US
dc.language.isoengen_US
dc.publisher|aBank of Canada |cOttawaen_US
dc.relation.ispartofseries|aBank of Canada Working Paper |x2008,38en_US
dc.subject.jelE22en_US
dc.subject.jelL16en_US
dc.subject.ddc330en_US
dc.subject.keywordProductivityen_US
dc.subject.keywordEconomic modelsen_US
dc.subject.stwUnternehmensentwicklungen_US
dc.subject.stwProduktivitäten_US
dc.subject.stwÜbernahmeen_US
dc.subject.stwEigentümeren_US
dc.subject.stwUSAen_US
dc.titleA model of costly capital reallocation and aggregate productivityen_US
dc.typeWorking Paperen_US
dc.identifier.ppn584977247en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

Files in This Item:
File
Size
336.03 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.