This paper uses the short-run restrictions implied by a simple aggregate demandaggregate supply model as an aid in identifying structural shocks. Combined with the Blanchard-Quah restriction, it allows estimation of the slope of the aggregate supply curve, the variances of structural demand and supply shocks, and the extent to which structural demand and supply shocks are correlated. This paper...

This paper surveys the research in the past decade on imperfect information models of aggregate supply and the Phillips curve. This new work has emphasized that information is dispersed and disseminates slowly across a population of agents who strategically interact in their use of information. We discuss the foundations on which models of aggregate supply rest, as well as the micro...

The purpose of this paper is to present the possibility of replacing physical unit cost in transportation or distribution problems by an aggregate coefficient, getting qualitative and subjective considerations involved. The model for constructing aggregate cost is a two stage multiple attribute decision-making problems. In the first stage supply points, demand points and routes of transportatio...

Strong differences of opinion about the labor supply elasticity prevail. One camp infers that the aggregate labor supply elasticity is large because big fluctuations in aggregate hours of work occur in response to small fluctuations in workers’ productivity over the business cycle (Prescott 2005). Another camp points to estimates of low labor supply elasticities from microeconometric studies of...

Separate literatures exist to describe responses of timber owners and aggregate timber supply to product prices. While few investigators have alluded to the effects of varying inventory quality and ownership mix on the aggregate response, it is possible to describe how the responsiveness to prices can vary over time as the vintage of the timber inventory shifts. We estimated a probit harvest mo...

Aggregate timber supply by ownership was investigated for a small region by applying stand-level harvest choice models to a representative sample of stands and then aggregating to regional totals using the area-frame of the forest survey. Timber harvest choices were estimated as probit models for three ownership categories in coastal plain southern pine stands of North Carolina using individual...