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Newsletter
Smoothing out the business cycle
Newsletter
Bubble, bubble, toil and trouble
Journal Article
A policymakers' guide to economic forecasts
Working Paper
A policymaker's guide to indicators of economic activity
Newsletter
The cost of uncertainty
Journal Article
M1: the ever-changing past
Newsletter
Debt in the 1990s
Journal Article
Factor utilization and margins for adjusting output: evidence from manufacturing plants
This paper describes patterns of factor utilization and output adjustment at the plant level for a wide range of manufacturing industries. We explain why manufacturing plants may differ quite a bit in how they accomplish output adjustments, depending on shutdown cost aspects of technology. Assembly-type operations with low shutdown costs would primarily vary the work period of the plant, whereas continuous processing plants with large shutdown costs would adjust instantaneous flow rates of production. For larger output increases, a lengthening of the work period by assemblers would entail ...