FACTOR ADJUSTMENTS AFTER DEREGULATION: PANEL EVIDENCE FROM COLOMBIAN PLANTS
We analyze nonlinear adjustments of capital and labor using plant data from the Colombian Annual Manufacturing Survey, allowing for interdependence in adjustments of the two factors. We find nonlinear employment and capital adjustments. We also find that capital shortages reduce hiring, and labor su...
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| Veröffentlicht in: | The review of economics and statistics 2010-05, Vol.92 (2), p.378-391 |
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| container_title | The review of economics and statistics |
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| creator | Eslava, Marcela Haltiwanger, John Kugler, Adriana Kugler, Maurice |
| description | We analyze nonlinear adjustments of capital and labor using plant data from the Colombian Annual Manufacturing Survey, allowing for interdependence in adjustments of the two factors. We find nonlinear employment and capital adjustments. We also find that capital shortages reduce hiring, and labor surpluses reduce capital shedding. Moreover, we find that job destruction and capital formation increased after factor market deregulation in Colombia. Finally, we find that completely eliminating frictions in factor adjustment would yield a substantial increase in aggregate productivity through improved allocative efficiency, but that the actual impact of the Colombian deregulation on productivity was modest. |
| doi_str_mv | 10.1162/rest.2010.11470 |
| format | Article |
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| source | JSTOR Mathematics & Statistics; EBSCOhost Business Source Complete; Jstor Complete Legacy; MIT Press Journals |
| subjects | Allocative efficiency Capital costs Capital investments Capital shortages Capital surplus Cost estimates Data analysis Demand shocks Deregulation Economic reform Employment Industrial plants Labor costs Nonlinear programming Productivity Studies |
| title | FACTOR ADJUSTMENTS AFTER DEREGULATION: PANEL EVIDENCE FROM COLOMBIAN PLANTS |
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