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Using panel data of individual firms drawn from French surveys, a
structural analysis is developed to study the formation of
production plans and the rationality of expectations. The
production decision of a firm is defined as the optimal solution of
a dynamic stochastic optimization problem. The empirical work
amounts to recovering the structural parameters characterizing the
model of the firm from estimates of the derived decision rule. The
preceding analysis of production plans is based on the assumption
that firms are rational. To justify this assumption, direct tests
offer evidence that the Rational Expectations Hypothesis may not be
rejected for quantity variables.
If treated as a single economy, the European Union is the largest
in the world, with an estimated GDP of over 14 trillion euros.
Despite its size, European economic policy has often lagged behind
the rest of the world in its ability to generate growth and
innovation. Much of the European economic research itself often
trails behind that of the USA, which sets much of the agenda in
mainstream economics. This book, also available as open access,
bridges the gap between economic research and policymaking by
presenting overviews of twelve key areas for future economic policy
and research. Written for the economists and policymakers working
within European institutions, it uses comprehensive surveys by
Europe's leading scholars in economics and European policy to
demonstrate how economic research can contribute to good policy
decisions, and vice versa, demonstrating how economics research can
be motivated and made relevant by hot policy questions. This title
is available as Open Access on Cambridge Core.
If treated as a single economy, the European Union is the largest
in the world, with an estimated GDP of over 14 trillion euros.
Despite its size, European economic policy has often lagged behind
the rest of the world in its ability to generate growth and
innovation. Much of the European economic research itself often
trails behind that of the USA, which sets much of the agenda in
mainstream economics. This book, also available as open access,
bridges the gap between economic research and policymaking by
presenting overviews of twelve key areas for future economic policy
and research. Written for the economists and policymakers working
within European institutions, it uses comprehensive surveys by
Europe's leading scholars in economics and European policy to
demonstrate how economic research can contribute to good policy
decisions, and vice versa, demonstrating how economics research can
be motivated and made relevant by hot policy questions. This title
is available as Open Access on Cambridge Core.
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