Labour demand and efficiency in Swedish savings banks

Almas Heshmati ()

Applied Financial Economics, 2001, vol. 11, issue 4, 423-433

Abstract: The paper is concerned with the estimation of labour demand. The model is generalized to incorporate a variance function. A flexible translog functional form is used where the demand for labour is a function of wages, outputs, quasi-fixed inputs and a time variable. The variance function appears multiplicatively with the demand function and it accommodates both positive and negative marginal effects with respect to the determinants of employment. The model includes features of the usual panel data models. A multi-step procedure is used to estimate the parameters of the model. Focus is on the estimation of productivity and efficiency of labour in Swedish savings banks. The labour productivity and efficiency is defined in terms of a shift in the labour demand over time and the bank's distance from the labour demand frontier, respectively. Empirical results show that the average labour efficiency is about 96%.

Date: 2001
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DOI: 10.1080/096031001300313983

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