Dynamic Inputs and Resource (Mis)Allocation
研究了动态生产投入及其调整成本如何影响资本错配的衡量。利用40个国家的数据发现，生产率波动越大的行业，资本边际收益产品的离散程度越高，且这种波动能解释80-90%的行业间差异。
We investigate the role of dynamic production inputs and their associated adjustment costs in shaping the dispersion of static measures of capital misallocation within industries (and countries). Across nine data sets spanning 40 countries, we find that industries exhibiting greater time-series volatility of productivity have greater cross-sectional dispersion of the marginal revenue product of capital. We use a standard investment model with adjustment costs to show that variation in the volatility of productivity across these industries and economies can explain a large share (80-90 percent) of the cross-industry (and cross-country) variation in the dispersion of the marginal revenue product of capital.