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Displaced Capital: A Study of Aerospace Plant Closings
Open accessAbstract
Using equipment‐level data from aerospace plants that closed during the 1990s, this paper studies the process of moving installed physical capital to a new use. The analysis yields three results that suggest significant sectoral specificity of physical capital and substantial costs of redeploying the capital. First, other aerospace companies are overrepresented among buyers of the used capital relative to their representation in the market for new investment goods. Second, even after age‐related depreciation is taken into account, capital sells for a substantial discount relative to replacement cost; the more specialized the type of capital, the greater the discount. Yet, capital sold to other aerospace firms fetches a higher price than capital sold to industry outsiders. Finally, the process of winding down operations and selling the equipment takes several years.
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Cited by
Greenstone, M. (2002) · Journal of Political Economy · doi:10.1086/342808 · Cited by 1,122
The Transitional Costs of Sectoral Reallocation: Evidence From the Clean Air Act and the Workforce*
Walker, W. R. (2013) · The Quarterly Journal of Economics · doi:10.1093/qje/qjt022 · Cited by 506
Asset Pricing Implications of Nonconvex Adjustment Costs and Irreversibility of Investment
COOPER, I. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00832.x · Cited by 363
Metadata
- Authors
- Ramey, V. A., & Shapiro, M. D.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 2001-10
- Volume
- 109
- Issue
- 5
- Pages
- 958-992
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W1969341825
- Cited by
- 451
- References
- 17
- FWCI
- 16.42
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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