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Dynamic Factor Demand in a Rationing Context

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

  • Book
  • © 1993

Overview

Authors:
  1. Werner Smolny

    1. Faculty of Economics and Statistics, University of Konstanz, Konstanz, Germany

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Part of the book series: Studies in Contemporary Economics (CONTEMPORARY)

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Table of contents (8 chapters)

  1. Front Matter

    Pages i-viii
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  2. Introduction

    1. Introduction

      • Werner Smolny
      Pages 1-6

  3. Theory

    1. Front Matter

      Pages 7-7
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    2. Disequilibrium models

      • Werner Smolny
      Pages 9-53

    3. The basic model

      • Werner Smolny
      Pages 54-83

    4. Extensions of the basic model

      • Werner Smolny
      Pages 84-103

    5. The aggregation of micro-markets

      • Werner Smolny
      Pages 104-128

  4. Empirical estimation

    1. Front Matter

      Pages 129-129
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    2. Specification of the model

      • Werner Smolny
      Pages 131-160

    3. Results

      • Werner Smolny
      Pages 161-217

  5. Conclusion

    1. Conclusion

      • Werner Smolny
      Pages 218-220

  6. Back Matter

    Pages 221-243
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Keywords

About this book

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.

Authors and Affiliations

  • Faculty of Economics and Statistics, University of Konstanz, Konstanz, Germany

    Werner Smolny

Bibliographic Information

  • Book Title: Dynamic Factor Demand in a Rationing Context

  • Book Subtitle: Theory and Estimation of a Macroeconomic Disequilibrium Model for the Federal Republic of Germany

  • Authors: Werner Smolny

  • Series Title: Studies in Contemporary Economics

  • DOI: https://doi.org/10.1007/978-3-642-51512-5

  • Publisher: Physica Heidelberg

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer-Verlag Berlin Heidelberg 1993

  • Softcover ISBN: 978-3-7908-0712-7Published: 30 September 1993

  • eBook ISBN: 978-3-642-51512-5Published: 06 December 2012

  • Series ISSN: 1431-8806

  • Edition Number: 1

  • Number of Pages: VIII, 242

  • Topics: Economic Theory/Quantitative Economics/Mathematical Methods

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