| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5405 |
| DP5405 The 'Sense and Nonsense of Maastricht' Revisited: What Have We Learnt About Stabilization In EMU? | |
| Willem Buiter | |
| 发表日期 | 2005-12-16 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper explores the role of replacement and innovation in shaping investment and productivity during episodes of lumpy adjustment in capital. To this purpose we use a rich firm-level panel of Spanish manufacturing data that combines information on equipment investment and firm's strategies. Investment concentrates on episodes of high investment, or investment spikes, but its nature depends upon observable heterogeneity. We find evidence of replacement activity for firms involved in neither process innovation nor plant expansion. Then, we explore how large investment episodes transmit into the evolution of productivity under different innovative strategies. We find that productivity increases after an investment spike in innovative firms. However, long learning curves seem to be associated with innovative investments. |
| 主题 | International Macroeconomics |
| 关键词 | Investment spikes Machine replacement Technological innovation Labour productivity Learning effects |
| URL | https://cepr.org/publications/dp5405 |
| 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/534264 |
| 推荐引用方式 GB/T 7714 | Willem Buiter. DP5405 The 'Sense and Nonsense of Maastricht' Revisited: What Have We Learnt About Stabilization In EMU?. 2005. |
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