Capital utilization and capital accumulation: Theory and evidence
研究企业如何在购买新资本和提高现有资本利用率之间选择，通过动态要素需求模型估计资本工作周的调整成本，发现资本存量调整成本高而工作周调整成本几乎为零，且资本存量对价格和回报率变化的反应比以往估计更快。
Abstract A firm may acquire additional capital input by purchasing new capital or by increasing the utilization of its current capital. The margin between capital accumulation and capital utilization is studied in a model of dynamic factor demand where the firm chooses capital, labour and their rates of utilization. A direct measure of capital utilization‐the work week of capital‐is incorporated into the theory and estimates. The estimates imply that capital stock is costly to adjust while the work week of capital is essentially costless to adjust. The estimated response of the capital stock to changes in its price and in the required rate of return is more rapid than found in other estimates.