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Dynamic Factor Demand in a Rationing Context

Name: Dynamic Factor Demand in a Rationing Context
Brand: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
SKU: 05291539
Price: 39822 HUF
Availability: InStock
Author: Werner Smolny
ISBN: 9783790807127

Theory and Estimation of a Macroeconomic Disequilibrium Model for the Federal Republic of Germany

Werner Smolny

Language

English

Book Paperback

Libristo code: 05291539

Publishers Springer-Verlag Berlin and Heidelberg GmbH & Co. KG, September 1993

A macroeconomic disequilibrium model is developed for the§Federal Republic of Germany. Starting with... Full description

Libristo code: 05291539

271 b

39 822 Ft

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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.