摘要:

AbstractA firm may acquire additional capital input by purchasing new capital or by increasing the utilization of its current capital. The margin between capital accumulation and capital utilization is studied in a model of dynamic factor demand where the firm chooses capital, labour and their rates of utilization. A direct measure of capital utilization‐the work week of capital‐is incorporated into the theory and estimates. The estimates imply that capital stock is costly to adjust while the work week of capital is essentially costless to adjust. The estimated response of the capital stock to changes in its price and in the required rate of return is more rapid than found in other estima

ISSN:0883-7252    

DOI:10.1002/jae.3950010302

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1986

数据来源: WILEY

摘要:

AbstractThe paper specifies a disequilibrium model for the aggregate labour market consisting of demand and supply functions for labour, an adjustment equation for wages as well as for prices, a transactions equation and, finally, an equation that relates measured unemployment to vacancies and to excess demand. The model has a more sophisticated treatment of dynamics than earlier disequilibrium models. The parameter estimates and the goodness‐of‐fit are satisfactory and the model's implications for the behaviour of several important variables are sensible. In particular, excess demand estimates computed in various ways are reasona

ISSN:0883-7252    

DOI:10.1002/jae.3950010303

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1986

数据来源: WILEY

摘要:

AbstractThis paper examines the importance of expectations in the determination of U.K. export prices. Export prices are found to depend upon expectations of total domestic unit costs and foreign prices. The non‐linear restrictions implied by the forward‐looking model are found to hold and it performs adequately relative to a backward‐looking error feedback model. The law of one price is rejected and the evidence is consistent with imperfect competition in export ma

ISSN:0883-7252    

DOI:10.1002/jae.3950010304

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1986

数据来源: WILEY

摘要:

AbstractOver the brief interview periods typical of budget surveys (such as the U.K. Family Expenditure Survey) households' recorded expenditures are liable to be misleading indicators of their underlying consumption. Most starkly, a household may not be observed to purchase commodities that it nevertheless consumes. This paper considers the implications of such measurement errors for the estimation of demand systems, and derives a consistent estimator for the special case of linear Engel curves.

ISSN:0883-7252    

DOI:10.1002/jae.3950010305

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1986

数据来源: WILEY

摘要:

AbstractThis paper re‐examines the role of high employment budget expenditures (fiscal policy) in the St. Louis expenditure equation by using spectral analysis and the spectral estimates of a two‐sided distributed lag model. The analysis is undertaken with quarterly U.S. data from 1947:1 to 1984:IV in the rate of change form. A salient conclusion is that fiscal policy has statistically significant partial coherences with (nominal) income, with the latter leading the former over the business cycle. We find that income is jointly related to lead terms of fiscal policy in a two‐sided distributed lag model. Some explanations for these results are pro

ISSN:0883-7252    

DOI:10.1002/jae.3950010306

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1986

数据来源: WILEY

ISSN:0883-7252    

DOI:10.1002/jae.3950010307

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1986

数据来源: WILEY

ISSN:0883-7252    

DOI:10.1002/jae.3950010308

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1986

数据来源: WILEY

ISSN:0883-7252    

DOI:10.1002/jae.3950010301

出版商:Wiley Subscription Services, Inc., A Wiley Company    

年代:1986

数据来源: WILEY