عنوان

Dynamic factor demand in a rationing context :

(Number (ISBN

3642515126

(Number (ISBN

9783642515125

Number

b569604

Title Proper

Dynamic factor demand in a rationing context :

General Material Designation

[Book]

Other Title Information

theory and estimation of a macroeconomic disequilibrium model for the Federal Republic of Germany

First Statement of Responsibility

Werner Smolny.

Place of Publication, Distribution, etc.

Heidelberg

Name of Publisher, Distributor, etc.

Physica-Verlag ; New York : Springer-Verlag

Date of Publication, Distribution, etc.

©1993.

Specific Material Designation and Extent of Item

(vi, 241 pages) : illustrations

Series Title

Studies in contemporary economics.

Text of Note

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.

Text of Note

A macroeconomic disequilibrium model is developed for the Federal Republic of Germany. Starting with a microeconomic model of firm's behaviour, the optimal dynamic adjustment of employment and investment is derived. The model of the firm is complemented by an explicite aggregation procedure which allows to derive macroeconomic relations. The model is estimated with macroeconomic data for the Federal Republic of Germany. An important feature is the consistent introduction of dynamic adjustment into a model of the firm. A new method is the particular approach of a delayed adjustment of employment and investment. The estimation results show significant underutilizations of labour and capital and indicate the importance of supply constraints for imports and exports. As the most prominent result, they reveal the importance of the slow adjustment of employment and investment for the macroeconomic situation in Germany and especially for the persistence of high unemployment in the eighties.

Demand functions (Economic theory) -- Mathematical models.

Equilibrium (Economics) -- Mathematical models.

Macroeconomics -- Mathematical models.

Class number

Book number

Werner Smolny.

Werner Smolny

Electronic name

[Book]

Y