Autori:
Marchetti, Domenico J. ![](http://www.bncf.firenze.sbn.it/img/logo-bncf.jpg)
,
Jimenez, Miguel ![](http://www.bncf.firenze.sbn.it/img/logo-bncf.jpg)
Titolo:
Thick-market externalities in U.S. manufacturing: a dynamic study with panel dataPeriodico:
European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papersAnno:
1995 - Fascicolo:
14 - Pagina iniziale:
1 - Pagina finale:
30This paper investigates the effect of the business cycle on productivity. We apply a VAR m ethodology to a panel data set of 402 four-digit U.S. manufacturing industries. In order to distinguish between (i) effort variation effects and (ii) thick-market effects a la Diamond (1982) and other "true" productive externalities, if any, we simulate a permanent demand-induced increase of aggregate econom ic activity, and analyze the dynamic response of sectoral productivity. Our results support the existence of supply-side externalities, and therefore point to them as a potential source of social increasing returns and multiple equilibria. In addition, unlike some recent papers by Gali and Hammour (1993) and SaintPaul (1993), we find no evidence of negative long-run effects of expansions on productivity.
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