We use panel data on Mexican manufacturing plants to study the connection between plants´responses to changes in the economic environment and their contributions to aggregateproductivity growth in the period following the implementation of the North American TradeAgreement (NAFTA)...

The stochastic frontier analysis (Aigner et al., 1977, Meeusen and van de Broeck, 1977)is widely used to estimate individual efficiency scores. The basic idea lies in the introductionof an additive error term consisting of a noise and an inefficiency term. Most oftenthe assumption of a...

This paper studies the distribution of the classical t-ratio with data generatedfrom distributions with no nite moments and shows how classical testing is affectedby bimodality. A key condition in generating bimodality is independenceof the observations in the underlying data generating process...

We use a static framework characterized by both moral hazard and holdup problems. In the model the optimal allocation of bargaining power balances these frictions. We examine the impact of improved monitoring on that optimal allocation and its impact upon effort, investment, profits and rents....

Recent studies have found unmeasured intangible capital to be large and important. In this paper we observe that by nature intangible capital is also very different from physical capital. We find it plausible to argue that the accumulation process for intangible capital differs significantly...

During the second part of the 1990s, the Israeli economy experienced a surge in labor productivity and total factor productivity, which was driven primarily by the manufacturing sector. This surge in productivity coincided with the full absorption and integration into the workforce of highly...

Der Beitrag arbeitet die Heterogenität von Unternehmen innerhalb von Branchen hin-sichtlich ihrer technischen Effizienz heraus. Datengrundlage sind die Mikro-Daten der Kostentrukturerhebung im Verarbeitenden Gewerbe in Deutschland. Die technische Effizienz wird im Rahmen der Schätzung einer...

This paper studies the asset pricing implications of a general equi-librium model in which real investment is reversible at a cost. Firmsface higher costs in contracting than in expanding their capital stockand decide to invest when their productive capital is scarce relativeto the overall...

We prove that in a closed economy without distortionary taxation, the welfare of a representativeconsumer is summarized to a …rst order by the current and expected future values of the Solowproductivity residual in level and by the initial endowment of capital. The equivalence holds if...

To date, empirical investigations of trade liberalization under the conditions of increasingreturns to scale (IRS) and imperfect competition (IC) have either assumed or imposed themarket and productive structures necessary for such a model. However, of the recent IRS/ICmodels used to simulate...