scholarly journals Aggregate Dynamics in Lumpy Economies

Econometrica ◽  
2021 ◽  
Vol 89 (3) ◽  
pp. 1235-1264
Author(s):  
Isaac Baley ◽  
Andrés Blanco
Keyword(s):  
Steady State ◽  
Aggregate Productivity ◽  
Productivity Shocks ◽  
Sufficient Statistics ◽  
Lumpy Investments ◽  
Capital Misallocation ◽  
Asymmetric Costs ◽  
Using Data ◽  
Investment Models ◽  
Aggregate Dynamics

How does an economy's capital respond to aggregate productivity shocks when firms make lumpy investments? We show that capital's transitional dynamics are structurally linked to two steady‐state moments: the dispersion of capital to productivity ratios—an indicator of capital misallocation—and the covariance of capital to productivity ratios with the time elapsed since their last adjustment—an indicator of asymmetric costs of upsizing and downsizing the capital stock. We compute these two sufficient statistics using data on the size and frequency of investment of Chilean plants. The empirical values indicate significant effects of aggregate productivity shocks and favor investment models with a strong downsizing rigidity and random opportunities for free adjustments.

scholarly journals Productivity Losses from Financial Frictions: Can Self-Financing Undo Capital Misallocation?

2014 ◽  
Vol 104 (10) ◽  
pp. 3186-3221 ◽  
Author(s):  
Benjamin Moll
Keyword(s):  
Steady State ◽  
Financial Frictions ◽  
Aggregate Productivity ◽  
Solow Model ◽  
Productivity Shocks ◽  
Collateral Constraints ◽  
Productivity Losses ◽  
Long Run ◽  
Short Run ◽  
Capital Misallocation

I develop a highly tractable general equilibrium model in which heterogeneous producers face collateral constraints, and study the effect of financial frictions on capital misallocation and aggregate productivity. My economy is isomorphic to a Solow model but with time-varying TFP. I argue that the persistence of idiosyncratic productivity shocks determines both the size of steady-state productivity losses and the speed of transitions: if shocks are persistent, steady-state losses are small but transitions are slow. Even if financial frictions are unimportant in the long run, they tend to matter in the short run and analyzing steady states only can be misleading. (JEL E21, E22, E23, G32, L26, O16)

scholarly journals Mechanical Fault Detection on Electrical Machine: Thermal Analysis of Small Brushed DC Motor with Faulty Bearing

2018 ◽  
Vol 225 ◽  
pp. 05012
Author(s):  
Abbas A. Wahab ◽  
N. Fatimah Abdullah ◽  
M.A.H. Rasid
Keyword(s):  
Thermal Analysis ◽  
Steady State ◽  
Direct Current ◽  
Dc Motor ◽  
Temperature Data ◽  
Electrical Machine ◽  
Financial Loss ◽  
Data Logger ◽  
Steady State Temperature ◽  
Using Data

Direct current motors (DC motor) are used in the small electric devices commonly. DC motor are cheap and easy to install, thus their popularity. Despite the popularity, faults occur which make diagnosis and detection of faults very important. It avoids financial loss and unexpected shutdown operation causes by these faults. This paper presents an analysis of temperature profile of the much famous small Brushed DC motor with a faulty bearing. The temperature data of healthy DC motor and DC motor with faulty bearing were measured by thermocouple and recorded using data logger in real time until steady state temperature, under different load. The analysis on the steady state temperature allow to conclude that bearing fault can clearly be recognised through characteristics temperature difference with a healthy motor.

scholarly journals How Destructive Is Innovation?

Econometrica ◽  
2019 ◽  
Vol 87 (5) ◽  
pp. 1507-1541 ◽  
Author(s):  
Daniel Garcia-Macia ◽  
Chang-Tai Hsieh ◽  
Peter J. Klenow
Keyword(s):  
Dominant Role ◽  
Job Creation ◽  
Creative Destruction ◽  
Aggregate Productivity ◽  
Employment Share ◽  
New Varieties ◽  
To Come ◽  
Using Data ◽  
The U.S ◽  
Job Creation And Destruction

Entrants and incumbents can create new products and displace the products of competitors. Incumbents can also improve their existing products. How much of aggregate productivity growth occurs through each of these channels? Using data from the U.S. Longitudinal Business Database on all nonfarm private businesses from 1983 to 2013, we arrive at three main conclusions: First, most growth appears to come from incumbents. We infer this from the modest employment share of entering firms (defined as those less than 5 years old). Second, most growth seems to occur through improvements of existing varieties rather than creation of brand new varieties. Third, own‐product improvements by incumbents appear to be more important than creative destruction. We infer this because the distribution of job creation and destruction has thinner tails than implied by a model with a dominant role for creative destruction.

scholarly journals Firm Heterogeneity and the Long-run Effects of Dividend Tax Reform

2010 ◽  
Vol 2 (1) ◽  
pp. 131-168 ◽  
Author(s):  
François Gourio ◽  
Jianjun Miao
Keyword(s):  
Capital Accumulation ◽  
Firm Heterogeneity ◽  
Percent Level ◽  
Capital Gains ◽  
Tax Rates ◽  
Aggregate Productivity ◽  
Capital Gains Tax ◽  
Productivity Shocks ◽  
Long Run ◽  
Dividend Tax

To study the long-run effect of dividend taxation on aggregate capital accumulation, we build a dynamic general equilibrium model in which there is a continuum of firms subject to idiosyncratic productivity shocks. We find that a dividend tax cut raises aggregate productivity by reducing the frictions in the reallocation of capital across firms. Our baseline model simulations show that when both dividend and capital gains tax rates are cut from 25 and 20 percent, respectively, to the same 15 percent level permanently, the aggregate long-run capital stock increases by about 4 percent. (JEL D21, E22, E62, G32, G35, H25, H32)

Metabolic control analysis of l -phenylalanine production from glycerol with engineered E. coli using data from short-term steady-state perturbation experiments

2017 ◽  
Vol 126 ◽  
pp. 86-100 ◽  
Author(s):  
Michael Weiner ◽  
Julia Tröndle ◽  
Christoph Albermann ◽  
Georg A. Sprenger ◽  
Dirk Weuster-Botz
Keyword(s):  
Steady State ◽  
Metabolic Control ◽  
Metabolic Control Analysis ◽  
Control Analysis ◽  
Short Term ◽  
E Coli ◽  
Using Data

Determining steady-state temperature excess and time constants using data of thermal tests of transformers

2010 ◽  
Vol 81 (4) ◽  
pp. 183-190
Author(s):  
G. I. Garas’ko ◽  
I. N. Dul’kin
Keyword(s):  
Steady State ◽  
Thermal Tests ◽  
Time Constants ◽  
Steady State Temperature ◽  
Temperature Excess ◽  
Using Data

scholarly journals The Relationship between Age of Air and the Diabatic Circulation of the Stratosphere

2016 ◽  
Vol 73 (11) ◽  
pp. 4507-4518 ◽  
Author(s):  
Marianna Linz ◽  
R. Alan Plumb ◽  
Edwin P. Gerber ◽  
Aditi Sheshadri
Keyword(s):  
Steady State ◽  
General Circulation ◽  
Circulation Model ◽  
State Theory ◽  
Time Dependent ◽  
Absolute Value ◽  
Dependent Theory ◽  
The Difference ◽  
Using Data ◽  
The Relationship

Abstract The strength of the Brewer–Dobson circulation is difficult to estimate using observations. Trends in the age of stratospheric air, deduced from observations of transient tracers, have been used to identify trends in the circulation, but there are ambiguities in the relationship between age and the strength of the circulation. This paper presents a steady-state theory and a time-dependent extension to relate age of air directly to the diabatic circulation of the stratosphere. In steady state, it is the difference between the age of upwelling and downwelling air through an isentrope and not the absolute value of age that is a measure of the strength of the diabatic circulation through that isentrope. For the time-varying case, expressions for other terms that contribute to the age budget are derived. An idealized atmospheric general circulation model with and without a seasonal cycle is used to test the time-dependent theory and to find that these additional terms are small upon annual averaging. The steady-state theory holds as well for annual averages of a seasonally varying model as for a perpetual-solstice model. These results are a step toward using data to quantify the strength of the diabatic circulation.

A procedure for obtaining initial estimates of parameters appearing in steady-state rate or equilibrium binding equations

1978 ◽  
Vol 56 (7) ◽  
pp. 697-701 ◽  
Author(s):  
I. G. Darvey ◽  
E. J. Walker
Keyword(s):  
Steady State ◽  
Enzyme Kinetics ◽  
Binding Studies ◽  
Equilibrium Binding ◽  
Initial Substrate ◽  
Steady State Rate ◽  
State Rate ◽  
Using Data ◽  
Fitting In ◽  
Initial Substrate Concentration

A 'peeling' procedure is described for obtaining initial estimates of the parameters in the equation:[Formula: see text]where P(x) and Q(x) are polynomials in x. The method is illustrated, in the context of enzyme kinetics, using data which are fitted to the following equation:[Formula: see text]where v denotes the initial steady-state velocity at an initial substrate concentration S, and a1, a2, b1 and b2 are non-negative constants. The applicability and limitations of the method for data fitting in fields such as enzyme kinetics and ligand-binding studies are discussed.

scholarly journals A Theory of Demand Shocks

2009 ◽  
Vol 99 (5) ◽  
pp. 2050-2084 ◽  
Author(s):  
Guido Lorenzoni
Keyword(s):  
Business Cycles ◽  
Aggregate Demand ◽  
Aggregate Productivity ◽  
Productivity Shocks ◽  
Demand Shocks ◽  
The Public ◽  
Long Run ◽  
Short Run ◽  
Public Signal ◽  
Heterogeneous Productivity

This paper presents a model of business cycles driven by shocks to consumer expectations regarding aggregate productivity. Agents are hit by heterogeneous productivity shocks, they observe their own productivity and a noisy public signal regarding aggregate productivity. The public signal gives rise to “noise shocks,” which have the features of aggregate demand shocks: they increase output, employment, and inflation in the short run and have no effects in the long run. Numerical examples suggest that the model can generate sizable amounts of noise-driven volatility. (JEL D83, D84, E21, E23, E32)

scholarly journals State estimation for dynamic weighing using Kalman filter

2021 ◽  
Author(s):  
◽  
Sunethra Pitawala
Keyword(s):  
Kalman Filter ◽  
Steady State ◽  
High Speed ◽  
Sensor Signal ◽  
Pass Filter ◽  
Diverse Range ◽  
Low Pass Filter ◽  
Low Pass ◽  
Using Data ◽  
Dynamic Weighing

<p>Dynamic weighing has become an essential requirement in a diverse range of industries. Dynamic weighing is different from static weighing in that static weighing involves determining the weight while the product being weighed is stationary whereas dynamic weighing weighs the products while they are moving. Force sensors are commonly used in these weighing systems. In static weighing, the weighed object is placed stationary on the platform and the steady state of the sensor signal is used to assess the weight. However, in dynamic weighing the sensor signal may not reach the steady state during the brief time of weighing, hence the weight is assessed for example, by averaging the tail end of the signal after it has been through a low-pass filter. The resulting mass estimates can be inaccurate for faster heavier items. It is useful to consider better ways of estimating the true weight, in high speed weighing applications.  The proposed method is to employ the 1-D Kalman filter algorithm to estimate the optimal state of the signal. The improved steady state signal is then used in weight estimation. The proposed method has been tested using data collected from a loadcell when different masses pass over the loadcell. The results show a significant improvement in the filtered signal quality which is then used to improve the weight assessment.</p>

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