Interrelated Factor Demand Functions.
The purpose of this paper is to integrate empirical investment and employment functions and to link these with capacity considerations, that is, hours of work per man and utilization of capital equipment. Existing time-series employment models assume fixed capital stock, yet estimated labor stock ad...
| Publicado en: | American Economic Review Vol. 59; no. 4; pp. 457 - 472 |
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| Autores principales: | , |
| Formato: | Artículo |
| Publicado: |
American Economic Association
Sep69 Part 1 of 2
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=4500362&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 4500362 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00028282 AER jtl: American Economic Review issn: 00028282 maglogo: N pubinfo: dt: Sep69 Part 1 of 2 vid: 59 iid: 4 pid: 22 pub: American Economic Association artinfo: ui: 4500362 ppf: 457 ppct: 15 formats: tig: atl: Interrelated Factor Demand Functions. aug: au: Nadiri, M. Ishag Rosen, Sherwin affil: Associate Professors, Columbia University Associate Professors, University of Rochester su: Demand function Economic demand Production functions (Economic theory) Mathematical models of economics Capital stock Elasticity (Economics) Economic models Labor sug: subj: Demand function Economic demand Production functions (Economic theory) Mathematical models of economics Capital stock Elasticity (Economics) Economic models Labor ab: The purpose of this paper is to integrate empirical investment and employment functions and to link these with capacity considerations, that is, hours of work per man and utilization of capital equipment. Existing time-series employment models assume fixed capital stock, yet estimated labor stock adjustments are so long as to place this assumption in serious doubt. On the other hand, most investment models treat labor as a completely variable factor, though the employment models would appear to indicate otherwise. Furthermore, few of these models make adequate allowance for variations in utilization rates of labor and capital, and this sometimes makes parameter estimates difficult to interpret. Theoretical considerations suggest mutually interdependent time-series demand functions for labor and capital. This article specifies and estimate a dynamic model for all input demand functions, which allows interactions among these variables over time. The model presents a unified frame- work for interpreting and estimating in- put stock demand functions, the role of utilization rates in these functions and variations in utilization rates themselves. Section I discusses the problem. The model is specified in Section II, and estimates are presented in Section III. These results are compared with some alternative models in Section IV and conclusions are contained in Section V. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1969 holdings: @attributes: islocal: N |
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