Estimation of the Internal Adjustment Costs Model Using Longitudinal Establishment Data
利用美国人口普查局纵向企业数据，估计了制造企业引入新厂房和设备时产生的内部调整成本（以当前产出损失衡量），发现扩张投资和替换投资每增加1美元，当前产出分别平均减少35美分和21美分。
-This paper develops estimates of the internal costs (measured in terms of foregone current output) associated with the introduction of new plant and equipment into manufacturing establishments, using the Census Bureau's Longitudinal Establishment Data file, a very large and rich source of production and investment data. Our estimates provide strong support for the internal-adjustment-costs hypothesis; they indicate that one-dollar increases in expansion and replacement investment cause, on the average, 35and 21-cent reductions, respectively, in current output. The internal cost of adjusting to equipment appears to be higher than the cost of adjusting to plant.