Positivistic models of long-run labor allocation dynamics
نویسندگان
چکیده
منابع مشابه
Is the Long-Run Labor Supply Vertical?
Growth theory and real-business-cycle theory virtually always assume that the long-run labor supply is vertical. This paper derives the restriction on preferences required for this assumption to hold and formulates an econometric method for testing this restriction. The restriction is then rejected using time-series data for the United States and many OECD countries. Some evidence against the r...
متن کاملCointegration and Long-Run Asset Allocation
We show that economic restrictions of cointegration between asset cash flows and aggregate consumption have important implications for return dynamics and optimal portfolio rules, particularly for long investment horizons. When cash flows and consumption share a common stochastic trend (i.e., are cointegrated), temporary deviations between their levels forecast long-horizon dividend growth rate...
متن کاملDetermination of long-run and short-run dynamics in EC-VARMA models via canonical correlations
This article studies a simple, coherent approach for identifying and estimating error correcting vector autoregressive moving average (EC-VARMA) models. Canonical correlation analysis is implemented for both determining the cointegrating rank, using a strongly consistent method, and identifying the short-run VARMA dynamics, using the scalar component methodology. Finite sample performances are ...
متن کاملThe Long-Run Demand for Labor and Adjustment Costs
In practice, it takes time—sometimes several years—for firms to increase their capital stocks (by investing in new plant and equipment) or reduce them (by selling off their capital at auction or not replacing it as it depreciates). Given that capital is such an important element of the production process, it is essential that economists understand the firm’s behavior both during the period when...
متن کاملUk Business Investment: Long-run Elasticities and Short-run Dynamics
Theory tells us that output, the capital stock and the user cost of capital are cointegrated. From the capital accumulation identity, it also follows that the capital stock and investment have a long-run proportional relationship. This has been used to justify the estimation of investment equations embodying a long-run relation between investment and output, rather than between the capital stoc...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Economic Structures
سال: 2017
ISSN: 2193-2409
DOI: 10.1186/s40008-017-0078-7