Dynamic Factor Demand in a Rationing Context
Werner Smolny
Broschiertes Buch

Dynamic Factor Demand in a Rationing Context

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

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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 inves...