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A dynamic model of the firm is worked out, which pays special attention to a delayed adjustment of employment, investment, and the production technology. A three-step decision structure is assumed, with short-run adjustment of output, medium-run adjustment of employment, and long-run adjustment...
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In the paper, some empirical results from a macroeconometric disequilibrium model for the Federal Republic of Germany … of the slow adjustment of prices and quantities for the employment Situation in Germany. The slow adjustment of …
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