In order to explain cyclical behaviour of factor demand, the static neo-classical model of the firm has been extended to include either adjustment costs (e.g. Lucas (1967)) or time-to-build considerations as in Kydland and Prescott (1982). This paper presents an intertemporal factor demand model...

A neoclassical factor demand model for structures, equipment and labour is analyzed. 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....

This report by European Commission staff provides an overview of the challenges faced by Portugal and the objectives and design of the economic and financial programme. Following a request by Portugal on 7 April 2011, the European Commission, ECB and IMF negotiated an Economic Adjustment...

The report assesses compliance with the terms and conditions set out in the MoU, which was updated following the first review mission during the summer of 2013, between the Cypriot authorities and the programme partners, i.e. the European Commission (EC), the European Central Bank (ECB) and the...

A joint EC/IMF/ECB mission visited Dublin during October 29-November 7 2013 to conduct the twelfth and final review mission under the economic adjustment programme. The mission found that programme implementation remains robust overall, even though domestic vulnerabilities and external risks...