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Aloi, Marta; Dixon, Huw D.
Working Paper Entry Dynamics, Capacity Utilisation and Productivity in a Dynamic Open Economy
CESifo Working Paper, No. 716
Provided in Cooperation with: Ifo Institute – Leibniz Institute for Economic Research at the University of Munich
Suggested Citation: Aloi, Marta; Dixon, Huw D. (2002) : Entry Dynamics, Capacity Utilisation and Productivity in a Dynamic Open Economy, CESifo Working Paper, No. 716, Center for Economic Studies and ifo Institute (CESifo), Munich
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ENTRY DYNAMICS, CAPACITY UTILISATION AND PRODUCTIVITY IN A DYNAMIC OPEN ECONOMY* Marta Aloi Huw Dixon CESifo Working Paper No. 716 (5)
May 2002
Category 5: Fiscal Policy, Macroeconomics and Growth
CESifo Center for Economic Studies & Ifo Institute for Economic Research Poschingerstr. 5, 81679 Munich, Germany Phone: +49 (89) 9224-1410 - Fax: +49 (89) 9224-1409 e-mail: [email protected] ISSN 1617-9595
An electronic version of the paper may be downloaded • from the SSRN website: www.SSRN.com ¯ • from the CESifo website: www.CESifo.de
* This paper has been presented at Bari, Bath, Birkbeck, Birmingham, Cardiff, Cergy- Pontoise (Paris), Dublin, Durham, EUI (Florence), Galway, Lisbon (UCL), Milan (Statale), Munich (CES), Nottingham, Swansea and York. We would like to thank Giuseppe Bertola, John Driffill, Saqib Jaffrey, Philip Lane, Patric Minford, Kevin O’Rourke, Mark Roberts and Dennis Snower for their valuable comments. The paper was written whilst Huw Dixon was an ESRC Research Fellow. Faults are ours. CESifo Working Paper No. 716
ENTRY DYNAMICS, CAPACITY UTILISATION AND PRODUCTIVITY IN A DYNAMIC OPEN ECONOMY
Abstract
This paper analyses an open economy Ramsey model with an endogenous labour supply without capital. The technology defines an optimal firm size. Changes to the number of firms is subject to adjustment costs, so that the entry dynamics is determined endogenously. We find that there is a short run transitory productivity dynamic introduced when there is imperfect competition due to changes in capacity utilization. We are able to analyze this in different contexts, including demand and technology shocks, both anticipated and unanticipated. JEL Classification: E2, E6, L1. Keywords: entry, capacity utilisation, adjustment costs, Ramsey.
Marta Aloi Huw Dixon University of Nottingham University of York School of Economics York, YO10 5DD University Park United Kingdom NG7 2RD Nottingham [email protected] United Kingdom 4Lqwurgxfwlrq
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