摘要: This paper estimates UK capital adjustment costs, using a data set for 34 industries spanning the whole economy period 1970-2000. The results show that it is costly to install new capital, and has been more adjust level of non-ICT (plant, machinery, buildings vehicles) compared ICT (computers, software telecommunications). are applied an analysis total factor productivity (TFP) growth. That focused on 1990s - when growth rate standard measure TFP fell in United Kingdom, while rising sharply States. suggest costs accounted around two thirds observed slowdown However, not large enough reverse finding declines second half 1990s, unlike US experience
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