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Linking investment spikes and productivity growth
Authors:Pinar Celikkol Geylani  Spiro E Stefanou
Institution:1. Department of Economics, Palumbo-Donahue Schools of Business, Duquesne University, 821 Rockwell Hall, 600 Forbes Avenue, Pittsburgh, PA, 15282, USA
2. Department of Agricultural Economics and Rural Sociology, Pennsylvania State University and Business Economics Group, University Park, PA, USA
3. Wageningen University, Wageningen, The Netherlands
Abstract:We investigate the relationship between productivity growth and investment spikes using Census Bureau’s plant-level dataset for the U.S. food manufacturing industry. There are differences in productivity growth and investment spike patterns across different sub-industries and food manufacturing industry in general. Our study finds empirical support for the learning-by-doing hypothesis by identifying some cases where the impact of investment spikes on TFP growth presents a U-shaped investment age–productivity growth pattern. However, efficiency and the learning period associated with investment spikes differ among plants across industries. The most pronounced impact of investment age on productivity growth (5.3 % for meat products, 4% for dairy products, and 2.8 % in all food manufacturing plants) occurs during the fifth year of post-investment spike. Thus, in general, the productivity gains tend to be fully realized with a 5-year technology learning period for this industry.
Keywords:
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