Is There a Declining Trend in Capacity Utilization in the US Economy? A Technical Note

References

• Amadeo, E. J. 1986. ‘The Role of Capacity Utilization in Long-Period Analysis.’ Political Economy 2 (2): 147–160.
   Google Scholar
• Bansak, C., N. Morin, and M. Starr. 2007. ‘Technology, Capital Spending, and Capacity Utilization.’ Economic Inquiry 45 (3): 631–645.
   Web of Science ®Google Scholar
• Beaulieu, J. J., and J. Mattey. 1998. ‘The Workweek of Capital and Capital Utilization in Manufacturing.’ Journal of Productivity Analysis 10 (2): 199–223.
   Web of Science ®Google Scholar
• Belzer, D. B., M. A. Kellogg, and J. M. Roop. 1993. ‘Development of Estimates of Emergency Operating Capacity for 4-Digit SIC Manufacturing Industries.’ Journal of Economic and Social Measurement 19 (3): 141–158.
   Google Scholar
• Belzer, D. B., D. E. Serot, and M. A. Kellogg. 1991. ‘Estimates of emergency operating capacity in US manufacturing and nonmanufacturing industries.’ No. PNL-7661-Vol. 2. Pacific Northwest Lab., Richland, WA (USA).
   Google Scholar
• Blecker, R. 2016. ‘Wage-led Versus Profit-led Demand Regimes: the Long and the Short of it.’ Review of Keynesian Economics 4 (4): 373–390.
   Web of Science ®Google Scholar
• Braga, J. M. 2006. Raiz unitária, histerese e inércia: A controvérsia sobre a NAIRU na economia norte-americana nos anos 1990. Doctoral dissertation, Federal University of Rio de Janeiro.
   Google Scholar
• Cavaliere, G., and F. Xu. 2014. ‘Testing for Unit Roots in Bounded Time Series.’ Journal of Econometrics 178: 259–272.
   Web of Science ®Google Scholar
• Cesaratto, S. 2015. ‘Neo-Kaleckian and Sraffian Controversies on the Theory of Accumulation.’ Review of Political Economy 27 (2): 154–182.
   Web of Science ®Google Scholar
• Committeri, M. 1986. ‘Some Comments on Recent Contributions on Capital Accumulation, Income Distribution and Capacity Utilization.’ Political Economy 2 (2): 161–186.
   Google Scholar
• Committeri, M. 1987. ‘Capacity Utilization, Distribution and Accumulation: a Rejoinder to Amadeo.’ Political Economy 3 (1): 91–95.
   Google Scholar
• De Leeuw, F. 1979. ‘Why Capacity Utilization Estimates Differ.’ Survey Current Business 59: 45–56.
   Google Scholar
• Doyle, M. P. 2000. ‘The 1989 Change in the Definition of Capacity: A Plant-Level Perspective.’ US Census Bureau, Center for Economic Studies.
   Google Scholar
• Duménil, G., and D. Lévy. 2012. ‘Being Post-Keynesian in the Medium Term and Classical Marxian in the Long Term?.’ mimeo.
   Google Scholar
• Duménil, G., and D. Lévy. 2014. ‘A Reply to Amitava Dutt: the Role of Aggregate Demand in the Long run.’ Cambridge Journal of Economics 38 (5): 1285–1292.
   Web of Science ®Google Scholar
• Dvoskin, A., and A. Lazzarini. 2013. ‘On Walras's Concept of Equilibrium.’ Review of Political Economy 25 (1): 117–138.
   Google Scholar
• Fiebiger, B. 2018. ‘Some Observations on Endogeneity in the Normal Rate of Capacity Utilisation.’ mimeo.
   Google Scholar
• Foss, M. F. 1963. ‘The Utilization of Capital Equipment: Post-war Compared with Prewar.’ Survey of Current Business 43 (6): 8–16.
   Google Scholar
• Foss, M. F. 1981a. Changes in the Workweek of Fixed Capital: US Manufacturing, 1929 to 1976. Washington: American Enterprise Institute for Public Policy Research.
   Google Scholar
• Foss, M. F. 1981b. ‘Long-run Changes in the Workweek of Fixed Capital.’ The American Economic Review 71 (2): 58–63.
   Web of Science ®Google Scholar
• Foss, M. F. 1984. Changing Utilization of Fixed Capital: An Element in Long-Term Growth. Washington: American Enterprise Institute for Public Policy Research.
   Google Scholar
• Foss, M. F. 1985. ‘Changing Utilization of Fixed Capital: an Element in Long-Term Growth.’ Monthly Lab. Rev 108: 3–8.
   PubMed Web of Science ®Google Scholar
• Foss, M. F. 1997. Shiftwork, Capital Hours and Productivity Change. Boston: Springer Science Business Media.
   Google Scholar
• Gahn, S. J., and A. González. 2019a. ‘On the ‘Utilisation Controversy’: a Comment.’ Cambridge Journal of Economics, https://doi.org/10.1093/cje/bez056.
   Web of Science ®Google Scholar
• Gahn, S. J., and A. González. 2019b. ‘On the empirical content of the convergence debate: Cross country evidence on growth and capacity utilisation.’ Post Keynesian Economic Society Working Paper Series 1922.
   Google Scholar
• Gilbert, C., N. Morin, and R. Raddock. 2000. ‘Industrial Production and Capacity Utilization: Recent Developments and the 1999 Revision.’ Federal Reserve Bulletin 86: 188–205.
   Google Scholar
• Girardi, D., and R. Pariboni. 2019. ‘Normal Utilization as the Adjusting Variable in Neo-Kaleckian Growth Models: A Critique.’ Metroeconomica 70 (2): 341–358.
   Web of Science ®Google Scholar
• Gorodnichenko, Y. and M. D. Shapiro. 2011. “Using the Survey of Plant Capacity to Measure Capital Utilization.” US Census Bureau Center for Economic Studies Paper No. CES-WP-11-19. http://doi.org/10.2139/ssrn.1879883.
   Google Scholar
• Hertzberg, M. R., A. I. Jacobs, and J. E. Trevathan. 1974. ‘The Utilization of Manufacturing Capacity, 1965-73.’ Survey of Current Business 54: 47–57.
   Google Scholar
• Kiefer, D., and C. Rada. 2014. ‘Profit Maximising Goes Global: the Race to the Bottom.’ Cambridge Journal of Economics 39 (5): 1333–1350.
   Web of Science ®Google Scholar
• Lavoie, M., G. Rodriguez, and M. Seccareccia. 2004. ‘Similitudes and Discrepancies in Post-Keynesian and Marxist Theories of Investment: a Theoretical and Empirical Investigation.’ International Review of Applied Economics 18 (2): 127–149.
   Google Scholar
• Mayshar, J., and G. Solon. 1993. ‘Shift Work and the Business Cycle.’ The American Economic Review 83 (2): 224–228.
   Web of Science ®Google Scholar
• Morin, N., and J. Stevens. 2004. ‘Estimating capacity utilization from survey data’. Finance and Economics Discussion Paper No. 2004–49. Board of Governors of the Federal Reserve System.
   Google Scholar
• Nersisyan, Y., and L. R. Wray. 2019. ‘How to Pay for the Green New Deal.’ Levy Economics Institute Working Papers Series 931: 1–55. http://www.levyinstitute.org/pubs/wp_931.pdf4.
   Google Scholar
• Nikiforos, M. 2013. ‘The (Normal) Rate of Capacity Utilization at the Firm Level.’ Metroeconomica 64 (3): 513–538.
   Web of Science ®Google Scholar
• Nikiforos, M. 2016. ‘On the ‘Utilisation Controversy’: a Theoretical and Empirical Discussion of the Kaleckian Model of Growth and Distribution.’ Cambridge Journal of Economics 2: 437–467.
   Google Scholar
• Nikiforos, M. 2018. ‘Some Comments on the Sraffian Supermultiplier Approach to Growth and Distribution.’ Journal of Post Keynesian Economics 41 (4): 659–675.
   Web of Science ®Google Scholar
• Nikiforos, M. 2019a. ‘On the ‘Utilisation Controversy’: a Rejoinder and Some Comments.’ Cambridge Journal of Economics, doi:10.1093/cje/bez058.
   Web of Science ®Google Scholar
• Nikiforos, M. 2019b. ‘Notes on accumulation and utilization of capital: some empirical issues.’ Paper presented at FMM Conference 2019, Berlin.
   Google Scholar
• Orr, J. A. 1989. ‘The Average Workweek of Capital in Manufacturing, 1952–1984.’ Journal of the American Statistical Association 84 (405): 88–94.
   Web of Science ®Google Scholar
• Perry, G. L. 1973. ‘Capacity in Manufacturing.’ Brookings Papers on Economic Activity 1973 (3): 701–742.
   Google Scholar
• Petri, F. 2003. “Should the Theory of Endogenous Growth be Based on Say’s Law and the Full Employment of Resources?” In The Theory of Economic Growth: a ‘Classical’ Perspective, edited by Neri Salvadori. Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing.
   Google Scholar
• Petri, F. 2004. General Equilibrium, Capital and Macroeconomics: a key to Recent Controversies in Equilibrium Theory. Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing.
   Google Scholar
• Phillips, A. 1963. ‘An Appraisal of Measures of Capacity.’ The American Economic Review 53 (2): 275–292.
   Web of Science ®Google Scholar
• Pierce, J., and E. Wisniewski. 2018. ‘Some Characteristics of the Decline in Manufacturing Capacity Utilization.’ FEDS Notes. Board of Governors of the Federal Reserve System. March, 2018, https://doi.org/10.17016/2380-7172.2162.
   Google Scholar
• Rost, R. F. 1983. ‘New Federal Reserve Measures of Capacity and Capacity Utilization.’ Federal Reserve Bulletin 69: 515–521.
   Google Scholar
• Schnader, M. H. 1984. “Capacity Utilization.” In The Handbook of Economic and Financial Measures, edited by Frank J. Fabozzi, and Harry I. Greenfield. Illinois: Dow-Jones Irwin.
   Google Scholar
• Setterfield, M. 2019. ‘Long-run Variation in Capacity Utilization in the Presence of a Fixed Normal Rate.’ Cambridge Journal of Economics 43 (2): 443–463.
   Web of Science ®Google Scholar
• Setterfield, M., and J. D. Avritzer. 2019. ‘Hysteresis in the Normal Rate of Capacity Utilization: a Behavioural Explanation.’ The New School for Social Research Working Paper Series 7: 1–33. http://www.economicpolicyresearch.org/econ/2019/NSSR_WP_072019.pdf.
   Google Scholar
• Shaikh, A. 1987. ‘The Falling Rate of Profit and the Economic Crisis in the US.’ In The Imperiled Economy, Book I, Macroeconomics From a Left Perspective, 115–126.
   Google Scholar
• Shaikh, A. 1989. The Current Economic Crisis: Causes and Implications. Detroit: Against the Current.
   Google Scholar
• Shaikh, A. 1992. “The Falling Rate of Profit as the Cause of Long Waves: Theory and Empirical Evidence.” In New Findings in Long-Wave Research, edited by Alfred Kleinknecht, Ernest Mandel, and Immanuel Wallerstein, 175–202. London: Palgrave Macmillan.
   Google Scholar
• Shaikh, A. 1999. ‘Explaining the Global Economic Crisis.’ Historical Materialism 5 (1): 103–144.
   Google Scholar
• Shaikh, A. 2016. Capitalism: Competition, Conflict, Crises. Oxford: Oxford University Press.
   Google Scholar
• Shapiro, M. D. 1986. ‘Capital Utilization and Capital Accumulation: Theory and Evidence.’ Journal of Applied Econometrics 1 (3): 211–234.
   Google Scholar
• Shapiro, M. D. 1989. ‘Assessing the Federal Reserve’s Measures of Capacity and Utilization.’ Brookings Papers on Economic Activity 20 (1): 181–242.
   Google Scholar
• Shapiro, M. D. 1996. ‘Macroeconomic Implications of Variation in the Workweek of Capital.’ Brookings Papers on Economic Activity 27 (2): 79–134.
   Google Scholar
• Skott, P. 2012. ‘Theoretical and Empirical Shortcomings of the Kaleckian Investment Function.’ Metroeconomica 63 (1): 109–138.
   Web of Science ®Google Scholar
• Skott, P., and B. Zipperer. 2012. ‘An Empirical Evaluation of Three Post-Keynesian Models.’ European Journal of Economics and Economic Policies: Intervention 9 (2): 277–308.
   Google Scholar
• Taubman, P., and P. Gottschalk. 1971. ‘The Average Workweek of Capital in Manufacturing.’ Journal of the American Statistical Association 66 (335): 448–455.
   Web of Science ®Google Scholar