期刊名称：Discussion Papers / Norwegian School of Economics and Business Administration
印刷版ISSN：0804-6824
出版年度：2006
卷号：2006
出版社：Bergen
摘要：This paper describes firms’ output and factor demands before, during and after episodes of
lumpy investment. By using a rich employer–employee panel data set for two manufacturing
industries and one service industry, we focus on simultaneous variations in output, capital,
materials and man hours, as well as the skill composition and hourly cost of labour.
Investment spikes are followed by roughly proportional changes in sales, labour and
materials, and significant increases in capital intensity. Capital adjustments are found to be
smoother in the service industry than in the two manufacturing industries. This result may be
related to differences in labour intensity between the industries. The changes in productivity
that are associated with the investment spikes are small, which indicates that productivity
improvements are not related to instantaneous technological change through investment
spikes.
关键词：Lumpy investments, Adjustment costs, Productivity, Panel data
