Dynamic Factor Demand in a Rationing Context - Theory and Estimation of a Macroeconomic Disequilibrium Model for the Federal Republic of Germany (Paperback, Softcover reprint of the original 1st ed. 1993)

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.

General

Imprint:	Physica-Verlag
Country of origin:	Germany
Series:	Studies in Contemporary Economics
Release date:	November 1993
First published:	1993
Authors:	Werner Smolny
Dimensions:	235 x 155 x 13mm (L x W x T)
Format:	Paperback
Pages:	242
Edition:	Softcover reprint of the original 1st ed. 1993
ISBN-13:	978-3-7908-0712-7
Categories:	Books > Business & Economics > Economics > Macroeconomics > General Books > Business & Economics > Economics > Econometrics > General Promotions
LSN:	3-7908-0712-5
Barcode:	9783790807127

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