Intertemporal Rules with Variable Speed of Adjustment: An Application to U.K. Manufacturing Employment.
This paper presents a procedure to estimate intertemporal dynamic decision rules where adjustment costs are assumed to be variable. The estimation is based on the Euler equation. For purposes of illustration, the authors concentrate on an employment function for the U.K. manufacturing sector where they find very significant effects of some variables that influence adjustment costs. Finally, they point out an empirical result that has interesting implications when evaluating tests of "efficient bargain" models. Copyright 1989 by Royal Economic Society.
Year of publication: |
1989
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Authors: | Burgess, Simon M ; Dolado, Juan J |
Published in: |
Economic Journal. - Royal Economic Society - RES, ISSN 1468-0297. - Vol. 99.1989, 396, p. 347-65
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Publisher: |
Royal Economic Society - RES |
Saved in:
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