Persistence, Asymmetries and Interrelation in Factor Demand

Marga Peeters

Scandinavian Journal of Economics, 1998, vol. 100, issue 4, 747-764

Abstract: A neoclassical factor demand model for structures, equipment and labour is analyzed in this paper. It incorporates a variety of dynamic specifications, such as a multi‐period time‐to‐build for structures, internal adjustment costs for each production factor, and external investment adjustment costs. First‐order conditions of the model are estimated by the generalized method of moments using manufacturing industry data from the US, Canada, West Germany, the UK (all 1960.I–1988.IV), France (1970.I–1992.II) and the Netherlands (1971.I–1990.IV). The results endorse time‐to‐build for structures, persistence of technology shocks and interrelations in adjustment cost dynamics.

Date: 1998
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Working Paper: Persistence, asymmetries and interrelation in factor demand (1998)
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