ABSTRACT By utilising a dynamic adjustment-cost framework, this study analyses dynamic productivity growth in the Japanese manufacturing industry. Empirical results show that labour and capital are very slow in converging toward the long-run equilibrium, and that output supply and factor demand elasticities vary greatly, depending on the time horizon considered. The results also show that disequilibrium effects of quasi-fixed factors are positively biased toward productivity growth measured in a static equilibrium model. The bias results largely from negative adjustment costs related to the decreasing investment in the factors. There is an almost steady decrease in returns to scale, causing negative scale effects on productivity growth.

中文翻译：

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日本制造业动态因素调整中的生产率增长

摘要 本研究利用动态调整成本框架分析了日本制造业的动态生产率增长。实证结果表明，劳动力和资本向长期均衡收敛的速度非常缓慢，产出供给弹性和要素需求弹性变化很大，这取决于所考虑的时间范围。结果还表明，准固定因素的非均衡效应对静态均衡模型中衡量的生产率增长呈正偏向。偏差主要是由于与因子投资减少相关的负调整成本造成的。规模报酬几乎稳定下降，对生产率增长造成负面规模效应。