scholarly journals The Sources of Capital Misallocation

2019 ◽  
Vol 109 (7) ◽  
pp. 2531-2567 ◽  
Author(s):  
Joel M. David ◽  
Venky Venkateswaran
Keyword(s):  
United States ◽  
Value Added ◽  
Adjustment Costs ◽  
The United States ◽  
Manufacturing Firms ◽  
Large Share ◽  
Informational Frictions ◽  
Capital Misallocation ◽  
Specific Factors ◽  
Sources Of Capital

We develop a methodology to disentangle sources of capital “mis-allocation,” i.e., dispersion in value-added/capital. It measures the contributions of technological/informational frictions and a rich class of firm-specific factors. An application to Chinese manufacturing firms reveals that adjustment costs and uncertainty, while significant, explain only a modest fraction of the dispersion, which stems largely from other factors: a component correlated with productivity and a fixed effect. Adjustment costs are more salient for large US firms, though other factors still account for the bulk of the dispersion. Technological/markup heterogeneity explains a limited fraction in China, but a potentially large share in the United States. (JEL D22, D24, D25, E22, G31, L60, O11, O14, O47, P31)

The Service Sector in the United States, 1839 to 1899

1967 ◽  
Vol 27 (4) ◽  
pp. 625-628 ◽  
Author(s):  
Thomas Weiss
Keyword(s):  
United States ◽  
Service Sector ◽  
Value Added ◽  
The United States ◽  
Professional Services ◽  
Service Industries ◽  
Public Utilities ◽  
Personal Services ◽  
Government Education ◽  
Quantitative Development

The dissertation is a study of the service industries in the United States during the period 1839 through 1899. The primary purpose of the study is to provide three series relating to the quantitative development of the sector. These series—value-added, gainful workers, and capital stock—provide benchmark estimates at decade intervals centered on census years. Series are presented for the aggregate sector; the major components, final and intermediate services; and eight industries. These eight industries, defined as the service sector, are trade, transportation and public utilities, finance and insurance, professional services, personal services, government, education, and the independent hand trades.

Worker Turnover in the 1920s: What Labor-Supply Arguments Don't Tell Us

1995 ◽  
Vol 55 (4) ◽  
pp. 822-841 ◽  
Author(s):  
Laura J. Owen
Keyword(s):  
United States ◽  
Labor Supply ◽  
Case Studies ◽  
The United States ◽  
Manufacturing Firms ◽  
Aggregate Data ◽  
Employment Policies ◽  
Worker Turnover ◽  
Supply Analysis

This article investigates the decline in turnover of manufacturing workers in the United States that occurred in the 1920s. Three labor-supply explanations are evaluated using aggregate data on manufacturing workers and case studies of four manufacturing firms. The labor-supply analysis does not yield a satisfying explanation of the decline in quit rates of manufacturing workers. The suggestion is made that an examination of firms' employment policies is necessary to explain why workers were quitting their jobs less frequently.

scholarly journals Environmental Accounting for Pollution in the United States Economy

2011 ◽  
Vol 101 (5) ◽  
pp. 1649-1675 ◽  
Author(s):  
Nicholas Z Muller ◽  
Robert Mendelsohn ◽  
William Nordhaus
Keyword(s):  
United States ◽  
Air Pollution ◽  
Power Plants ◽  
Sewage Treatment ◽  
Value Added ◽  
The United States ◽  
Environmental Accounting ◽  
Integrated Assessment Model ◽  
Assessment Model ◽  
National Accounts

This study presents a framework to include environmental externalities into a system of national accounts. The paper estimates the air pollution damages for each industry in the United States. An integrated-assessment model quantifies the marginal damages of air pollution emissions for the US which are multiplied times the quantity of emissions by industry to compute gross damages. Solid waste combustion, sewage treatment, stone quarrying, marinas, and oil and coal-fired power plants have air pollution damages larger than their value added. The largest industrial contributor to external costs is coal-fired electric generation, whose damages range from 0.8 to 5.6 times value added. (JEL E01, L94, Q53, Q56)

“Putting Down Roots”

On the Move ◽  
2016 ◽  
Author(s):  
Filiz Garip
Keyword(s):  
United States ◽  
Rural Communities ◽  
Urban Communities ◽  
The United States ◽  
The Other ◽  
Large Share ◽  
Urban Migrants ◽  
First Time ◽  
Central South ◽  
Migrant Groups

This chapter discusses a particular group that continually increased its share among the first-time migrants between 1965 and 2010—from less than 10 percent to nearly 70 percent. This group, called urban migrants, included a large share of men, mostly from urban communities in the border, central-south, and southeastern regions of Mexico rather than the traditional migrant-sending rural communities in the central-west. Urban migrants were significantly more educated compared to the circular, crisis, and family migrants in the preceding chapters, and also relative to non-migrants at their time. The group worked mostly in manufacturing and construction in the United States, earned significantly higher wages than the other migrant groups, and made fewer return trips to Mexico.

“Go Work Over There and Come Do Something Here”

On the Move ◽  
2016 ◽  
Author(s):  
Filiz Garip
Keyword(s):  
United States ◽  
Short Duration ◽  
Relative Size ◽  
The United States ◽  
Real Wages ◽  
Large Share ◽  
Household Heads ◽  
Migrant Stream ◽  
Over Time

This chapter discusses a particular group that dominated the migrant stream from Mexico to the United States in 1965. The group contained a large share of men—many of them household heads who were married with children—from rural central-western communities in Mexico. Migrants in the group typically had little education, worked in agriculture in both Mexico and the United States, and took multiple trips of short duration. This group is referred to as circular migrants. Circular migrants declined both in absolute numbers and in relative size over time, accounting for less than 10 percent of new migrants by 2010. Circular migrants declined in numbers as incomes in Mexico rose, real wages in the United States fell, and the budget dedicated to securing the border grew exponentially between 1965 and 2010.

Introduction

2018 ◽  
Author(s):  
Paul K. MacDonald ◽  
Joseph M. Parent
Keyword(s):  
United States ◽  
International Politics ◽  
Value Added ◽  
The United States ◽  
Central Question ◽  
Policy Debates ◽  
Rise Of China ◽  
Grand Strategies ◽  
The Rise Of China

This chapter asks the central question, outlines the three main arguments, and explains the value added of the work. It underscores why the question matters to theories of international politics and policy debates on the rise of China and the decline of the United States. It also defines decline and retrenchment,relates retrenchment to a spectrum of grand strategies, and provides a map of the rest of the book.

Mobile Banking Systems and Technologies

2011 ◽  
pp. 754-759 ◽  
Author(s):  
Cheon-Pyo Lee ◽  
Merrill Warkentin
Keyword(s):  
United States ◽  
Value Added ◽  
The United States ◽  
Small Scale ◽  
Mobile Banking ◽  
Wireless Technologies ◽  
Brick And Mortar ◽  
New Business ◽  
Communication Devices ◽  
Electronic Delivery

The last decade has witnessed the rapid growth of mobile communication devices and wireless technologies across the globe. The convergence of mobile devices and wireless technologies has not only changed the way many activities are conducted, but has also provided a foundation for a new type of technology-aided commerce called mobile commerce (m-commerce). As e-commerce’s next evolutionary stage, m-commerce opens up new business opportunities in business-to-consumer (B2C) markets in addition to extending current operations in e-commerce and traditional brick-and-mortar businesses (Varshney & Vetter, 2002). The significant power of m-commerce is primarily a result of the anytime-anywhere connectivity of wireless devices, which provides unique experiences and services (Figge, 2004; Zwass, 2003). One of the most promising and value-added m-commerce services is mobile banking (Lee, McGoldrick, Keeling, & Doherty, 2003; Mallat, Rossi, & Tuunainen, 2004). Mobile banking is the newest electronic delivery channel to be offered by banks in which technology has become an increasingly vital element, and it provides convenience and enhanced value to both banks and customers. With its clear benefits, mobile banking is now gaining rapid popularity in European and Asian countries with the significant market penetration of mobile handsets and the optimally designed marketing tactics of service providers (Suoranta & Mattila, 2004). However, mobile banking is still marginally adopted across the globe, and especially in the U.S., the growth appears much slower than anticipated (Mallat et al., 2004). In the United States, there are only a small number of banks that have actually introduced mobile banking services, and most other mobile banking efforts are in small-scale trials (Charny, 2001). Therefore, the technology which will be employed in the United States market has been of interest not only to financial institutions, but also to mobile technology developers and future users.

Capital Allocation in Developing Countries

2020 ◽  
Author(s):  
Joel M David ◽  
Venky Venkateswaran ◽  
Ana Paula Cusolito ◽  
Tatiana Didier
Keyword(s):  
Adjustment Costs ◽  
Developed Countries ◽  
Business Environment ◽  
Capital Allocation ◽  
American Economic Review ◽  
Parameter Estimates ◽  
Firm Level ◽  
Capital Misallocation ◽  
Future Work ◽  
Sources Of Capital

Abstract This paper investigates the sources of capital misallocation across a group of developing and developed countries, using the empirical methodology developed in David and Venkateswaran (2019. “The Sources of Capital Misallocation.” American Economic Review 109 (7): 2531–67). The main findings are: (i) technological frictions—namely, adjustment costs and uncertainty—account for only a modest share of the observed misallocation; (ii) heterogeneity in firm-level technologies potentially explains between one-quarter and one-half, but (iii) dispersion in markups is much smaller; (iv) after accounting for these factors, on average, at least 50 percent of misallocation within each country remains unexplained, suggesting a large role for additional—potentially distortionary—factors. These factors are largely attributable to a component that is correlated with firm size/productivity and one that is essentially permanent to the firm. They exhibit strong negative correlations with income per capita and direct measures of the quality of the business environment from the World Bank Doing Business Report. The paper reports a broad set of moments describing firm-level investment dynamics and detailed parameter estimates on a country-by-country basis with an eye towards future work in this area.

Sign in / Sign up

Export Citation Format

Share Document