Returns to Scale in U.S. Production: Estimates and Implications
发现美国典型两位数行业近似规模报酬不变，但存在三个谜题：估计值随加总水平上升、递减报酬与低经济利润矛盾、增加值与总产出估计差异大。通过异质性加总故事解释，并讨论对单部门宏观模型校准的启示。
A typical two-digit industry in the United States appears to have approximately constant returns to scale. Three puzzles emerge, however. First, estimates rise at higher levels of aggregation. Second, apparent decreasing returns contradicts evidence of small economic profits. Third, estimates with value added differ substantially from those with gross output. A representative-firm paradigm cannot explain these puzzles but a simple story of aggregation over heterogeneous units can. The authors discuss implications of heterogeneity for calibrating one-sector macroeconomic models, showing that these models sometimes require firm-level parameters but at other times require the 'biased' aggregate parameters. Copyright 1997 by the University of Chicago.