The paper makes three contributions. First, it provides an in-depth examination of the Federal Reserve measure of capacity utilization and shows that it is closer to a cyclical indicator than a measure of long-run variations of normal utilization. Other measures, such as the Average Workweek of Capital or the National Emergency Utilization Rate are more appropriate for examining long-run changes in utilization. Second, and related to that, it argues that a relatively stationary measure of utilization is not consistent with any theory of the determination of utilization. Third, based on data on the lifetime of fixed assets it shows that for the issues around the “utilization controversy” the long run is a period after thirty years or more. This makes it a platonic idea for some economic problems.

中文翻译：

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资本积累与利用注意事项：若干实证问题

该论文做出了三个贡献。首先，它深入研究了美联储对产能利用率的衡量标准，并表明它更接近于一个周期性指标，而不是衡量正常利用率的长期变化的衡量标准。其他措施，例如资本的平均工作周数或国家紧急利用率，更适合检查利用率的长期变化。其次，与此相关的是，它认为相对固定的利用率衡量标准与确定利用率的任何理论都不一致。第三，从固定资产寿命数据来看，围绕“使用争议”的问题，长期来看是三十年或更长时间。这使它成为解决一些经济问题的柏拉图式的想法。