From: The plant life-cycle of the average wage of employees in U.S. manufacturing
 | Revenue measure: Total value of shipments (deflated) | |||||||
---|---|---|---|---|---|---|---|---|
 | Adjustment costs | Adjustment cost | ||||||
 | (conventional growth rate) | (alternative growth rate) | ||||||
 | Wage | Wage and employment | Wage | Wage and employment | ||||
 | adjustment | adjustment | adjustment | adjustment | ||||
 | Continuing | All | Continuing | All | Continuing | All | Continuing | All |
 | plants | plants | plants | plants | plants | plants | plants | plants |
Parameter | (I) | (II) | (III) | (IV) | (I) | (II) | (III) | (IV) |
α | 0.11*** | 0.11*** | 0.10*** | 0.07*** | 0.14*** | 0.14*** | 0.09*** | 0.09*** |
 | [0.00006] | [0.00006] | [0.002] | [0.0001] | [0.00007] | [0.00006] | [0.0004] | [0.0001] |
γ | 0.17*** | 0.17*** | 0.22*** | 0.20*** | 0.21*** | 0.31*** | 0.18*** | 0.12*** |
 | [0.00007] | [0.00012] | [0.00008] | [0.0001] | [0.0003] | [0.0003] | [0.0003] | [0.0003] |
λ U | 3.72*** | 1.72*** | 3.44*** | 0.83*** | 1.45*** | 1.32*** | 1.56*** | 1.31*** |
 | [0.006] | [0.004] | [0.004] | [0.004] | [0.007] | [0.008] | [0.004] | [0.008] |
λ D | 1.31*** | 2.33*** | 2.76*** | 1.46*** | 18.82*** | 2.89*** | 19.73*** | 2.89*** |
 | [0.008] | [0.002] | [0.009] | [0.001] | [0.052] | [0.007] | [0.049] | [0.007] |
v U | - | - | 0.64*** | 2.77*** | - | - | 1.53*** | 1.77*** |
 |  |  | [0.21] | [0.14] |  |  | [0.538] | [0.221] |
v D | - | - | 96.39*** | 32.65*** | - | - | 44.39*** | 43.49*** |
 |  |  | [40.5] | [6.0] |  |  | [15.6] | [1.94] |
 | Revenue measure: Value added (deflated) | |||||||
α | 0.26*** | 0.26*** | 0.10*** | 0.17*** | 0.31*** | 0.32*** | 0.32*** | 0.33*** |
 | [0.0002] | [0.0002] | [0.0005] | [0.0002] | [0.0001] | [0.0001] | [0.0001] | [0.0003] |
γ | 0.20*** | 0.19*** | 0.19*** | 0.19*** | 0.16*** | 0.17*** | 0.13*** | 0.17*** |
 | [0.0001] | [0.0001] | [0.0001] | [0.0001] | [0.0003] | [0.0003] | [0.0004] | [0.0003] |
λ U | 0.77*** | 1.14*** | 2.33*** | 0.33*** | 1.73*** | 1.17*** | 1.44*** | 1.21*** |
 | [0.005] | [0.003] | [0.005] | [0.001] | [0.005] | [0.006] | [0.006] | [0.004] |
λ D | 1.93*** | 1.24*** | 2.88*** | 0.24*** | 12.16*** | 1.81*** | 14.39*** | 1.82*** |
 | [0.008] | [0.001] | [0.008] | [0.001] | [0.04] | [0.006] | [0.041] | [0.006] |
v U | - | - | 0.62*** | 0.33*** | - | - | 1.52*** | 1.48*** |
 |  |  | [0.221] | [0.113] |  |  | [0.741] | [0.255] |
v D | - | - | 99.48*** | 32.84*** | - | - | 86.32*** | 37.10*** |
 |  |  | [22.0] | [6.2] |  |  | [14.2] | [7.2] |
N | 3,926,908 | 3,927,407 | 3,926,908 | 3,927,407 | 3,926,908 | 3,927,407 | 3,926,908 | 3,927,407 |