Factor Adjustments after Deregulation: Panel Evidence from Colombian Plants
利用哥伦比亚制造业调查数据，分析资本和劳动的非线性调整及其相互依赖，发现放松管制后就业破坏和资本形成增加，完全消除摩擦可大幅提升生产率，但实际影响有限。
We analyze nonlinear adjustments of capital and labor using plant data from the Colombian Annual Manufacturing Survey, allowing for interdependence in adjustments of the two factors. We find nonlinear employment and capital adjustments. We also find that capital shortages reduce hiring, and labor surpluses reduce capital shedding. Moreover, we find that job destruction and capital formation increased after factor market deregulation in Colombia. Finally, we find that completely eliminating frictions in factor adjustment would yield a substantial increase in aggregate productivity through improved allocative efficiency, but that the actual impact of the Colombian deregulation on productivity was modest. © 2010 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.