| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2150 |
| DP2150 The Persistence of Capital Inflows and the Behaviour of Stock Prices in East Asia Emerging Markets: Some Empirical Evidence | |
| Mark Taylor; LUCIO SARNO | |
| 发表日期 | 1999-05-31 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | This paper estimates the degree of the returns to scale for 2-digit U.S. manufacturing industries from the output-based primal and price-based dual equations implied by firms' cost-minimization problems. It seeks to reconcile the cyclical behavior of the primal and dual productivity residuals by allowing for nonconstant returns to scale and imperfect competition. We find significant differences between the estimates of the returns to scale parameter derived from the primal versus the dual equations. The existence of time-varying markups reduces the incidence of significant differences in the primal versus dual returns to scale estimates for the durable goods industries but not for the non-durable goods industries. Likewise, the presence of the quasi-fixity of capital helps to reconcile the behavior of the primal and dual productivity residuals for the durable but not for the non-durable goods industries. |
| 主题 | International Macroeconomics |
| 关键词 | Mark-ups Procyclical productivity Quasi-fixity of capital Returns to scale |
| URL | https://cepr.org/publications/dp2150 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531259 |
| 推荐引用方式 GB/T 7714 | Mark Taylor,LUCIO SARNO. DP2150 The Persistence of Capital Inflows and the Behaviour of Stock Prices in East Asia Emerging Markets: Some Empirical Evidence. 1999. |
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