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Lumpy investments, factor adjustments and productivity

Nilsen, Øivind Anti; Raknerud, Arvid; Rybalka, Marina; Skjerpen, Terje
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URI
http://hdl.handle.net/11250/162736
Date
2006-02
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  • Discussion papers (SAM) [578]
Abstract
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.
Publisher
Norwegian School of Economics and Business Administration. Department of Economics
Series
Discussion paper
2006:9

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