A Vintage Model of the Demand for Energy and Employment in Australian Manufacturing Industry.
Previous studies by the author, (1975, Chapter 6) and (1977), have investigated the demand for employment and three categories of energy consumption, using temporal data for individual subclasses in Australian manufacturing industry. It was assumed that factor demands were determined by minimizing c...
| Publicado en: | Review of Economic Studies Vol. 45; no. 3; pp. 479 - 495 |
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| Formato: | Artículo |
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Oxford University Press / USA
Oct78
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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=4622060&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 4622060 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00346527 REM jtl: Review of Economic Studies issn: 00346527 maglogo: N pubinfo: dt: Oct78 vid: 45 iid: 3 pid: 622 pub: Oxford University Press / USA artinfo: ui: 4622060 10.2307/2297250 ppf: 479 ppct: 16 formats: tig: atl: A Vintage Model of the Demand for Energy and Employment in Australian Manufacturing Industry. aug: au: Hawkins, R.G. affil: Australian National University su: Energy consumption Employment Labor market Economic demand Industries Econometric models Manufacturing industries Manufactured products Australia sug: subj: Australia Energy consumption Employment Labor market Economic demand Industries Econometric models Manufacturing industries Manufactured products ab: Previous studies by the author, (1975, Chapter 6) and (1977), have investigated the demand for employment and three categories of energy consumption, using temporal data for individual subclasses in Australian manufacturing industry. It was assumed that factor demands were determined by minimizing costs subject to given levels of output and factor prices. Simple log-linear demand functions were estimated, with separate Koyck lags for each factor. The results were varied, but generally exhibited strong output effects and weak price effects, with average lags of about a year. Most importantly, the restrictions on coefficients, implied by the explicitly additive Cobb-Douglas production function and the implicitly additive Constant Difference Elasticity of Substitution function, Hanoch (1975), were generally rejected statistically. These findings suggest that the adjustment process should be generalized to allow different speeds of response to changes in output and relative prices, and less restrictive forms chosen for the production function. The "putty-clay" vintage model, Johansen (1959) and Salter (1960), offers an appropriate generalization of the adjustment process and is adopted in this paper. It allows the speed of response to changes in output to differ from that to relative prices, and for a faster response to decreases in output than to increases. In addition, its application allows a contribution to be made to the continuing debate concerning the validity of the vintage model of production. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1978 holdings: @attributes: islocal: N |
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