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Dynamic Factor Demand in a Rationing Context: Theory and Estimation of a Macroeconomic Disequilibrium Model for the Federal Republic of Germany: Studies in Contemporary Economics

Autor Werner Smolny
en Limba Engleză Paperback – 30 sep 1993
A macroeconomic disequilibrium model is developed for theFederal Republic of Germany. Starting with a microeconomicmodel of firm's behaviour, the optimal dynamic adjustment ofemployment and investment is derived. The model of the firmis complemented by an explicite aggregation procedure whichallows to derive macroeconomic relations. The model isestimated with macroeconomic data for the Federal Republicof Germany.An important feature is the consistent introduction ofdynamic adjustment into a model of the firm. A new method isthe particular approach of a delayed adjustment ofemployment and investment.The estimation results show significant underutilizations oflabour and capital and indicate the importance of supplyconstraints for imports and exports. As the most prominentresult, they reveal the importance of the slow adjustment ofemployment and investment for the macroeconomic situation inGermany and especially for the persistence of highunemployment in the eighties.
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Specificații

ISBN-13: 9783790807127
ISBN-10: 3790807125
Pagini: 252
Ilustrații: VIII, 242 p.
Dimensiuni: 155 x 235 x 13 mm
Greutate: 0.36 kg
Ediția:Softcover reprint of the original 1st ed. 1993
Editura: Physica-Verlag HD
Colecția Physica
Seria Studies in Contemporary Economics

Locul publicării:Heidelberg, Germany

Public țintă

Research

Cuprins

I Theory.- 1 Disequilibrium models.- 2 The basic model.- 3 Extensions of the basic model.- 4 The aggregation of micro-markets.- II Empirical estimation.- 5 Specification of the model.- 6 Results.- Conclusion.