Artus / Muet Investment and Factor Demand

1. Auflage 2016
ISBN: 978-1-4832-9533-6
Verlag: Elsevier Science & Techn.
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, Band Volume 193, 318 Seiten, Web PDF

Reihe: Contributions to Economic Analysis

The first part of the book presents the estimation of traditional models of investment, their interpretation in the light of the disequilibrium theory and their use in evaluating the economic policies implemented during the seventies. The issue of the best representation of the production technology is also addressed. The second part analyses the interdependance of the decisions of investment, employment and consumption of raw materials using simultaneous estimations of factor demand equations, as well as the dynamic adjustment costs firms are facing. The last section illustrates the most recent theories and econometric methods: investment models with several regimes taking into account sales, employment and financing constraints, and the introduction of the uncertainty on future sales.

Autoren/Hrsg.

Artus, P.

Muet, P. -A.

Inhaltsverzeichnis

1;Front Cover;1
2;Investment and Factor Demand;4
3;Copyright Page;5
4;Table of Contents;12
5;INTRODUCTION TO THE SERIES;6
6;Foreword;8
7;Acknowledgements;11
8;CHAPTER 1. Theoretical foundations and main models;14
8.1;Introduction;14
8.2;1. THEORETICAL FOUNDATIONS;14
8.3;2. MAIN RESULTS ON FRENCH DATA;42
8.4;Conclusion;53
9;CHAPTER 2. Econometric models of investment : a comparative study on annual data;54
9.1;Introduction;54
9.2;1. THEORETICAL FOUNDATIONS;55
9.3;2. AN ECONOMETRIC ESTIMATE ON ANNUAL DATA;69
9.4;Conclusion;96
9.5;APPENDIX 1 Statistical sources for annual time-series estimates (1949-1974);98
9.6;APPENDIX 2 Additional econometric data on the profit and accelerator-profits models;99
9.7;APPENDIX 3 Search for optimal pattern of accelerator lags (residual variance of adjustment x 10-4);100
9.8;APPENDIX 4 Responsiveness of general-model coefficients to the specification of acceleration-effect lags;100
10;CHAPTER 3. A reconsideration of the comparison between putty-putty and putty-clay hypotheses in the estimation of effective demands for investment;102
10.1;Introduction;102
10.2;1. EFFECTIVE DEMAND FOR INVESTMENT AND THE FORM OF THE PRODUCTION FUNCTION;103
10.3;2. BISCHOFF'S ESTIMATE REVISITED;105
10.4;3. ACCUMULATION-RATE SPECIFICATIONS;108
10.5;CONCLUSION;113
11;CHAPTER 4. Economic policy and investment in the 1970s;114
11.1;Introduction;114
11.2;1. DESCRIPTION OF POLICIES AFFECTING INVESTMENT;118
11.3;2. THE IMPACT OF PUBLIC POLICY MEASURES : AN ASSESSMENT BASED ON THE "METRIC" MODEL;125
11.4;CONCLUSION;131
12;CHAPTER 5. A joint estimation of demand for investment and labor;134
12.1;Introduction;134
12.2;1. SPECIFICATION OF THE INVESTMENT DEMAND AND LABOR DEMAND;135
12.3;2. ESTIMATES ON ANNUAL SERIES;138
12.4;3. ESTIMATES ON QUARTERLY DATA;146
12.5;Conclusion;151
13;CHAPTER 6. The dynamics of investment and employment with capital and labor adjustment costs;156
13.1;Introduction;156
13.2;1. MODEL WITH DEMAND CONSTRAINT;157
13.3;2. MODEL WITH NO DEMAND CONSTRAINT;168
13.4;3. ESTIMATE;172
13.5;Conclusion;178
13.6;APPENDIX 1 Calculation of the Hessian of (1');179
13.7;APPENDIX 2 Resolution of the differential equation (10);179
13.8;APPENDIX 3 Analysis of the dynamics of (19);184
14;CHAPTER 7. Production functions with the energy factor : estimations for the major OECD countries;186
14.1;Introduction;186
14.2;1. SUMMARY OF RECENT WORK;188
14.3;2. ECONOMETRIC STUDY;191
14.4;3. INTERPRETATION : EFFECTS OF RELATIVE-PRICE SHIFTS BY COUNTRY;206
14.5;Conclusion;213
14.6;Appendix;213
15;CHAPTER 8. Investment with demand, labor and financial constraints : the estimation of a multi-regime model;222
15.1;Introduction;222
15.2;1. THE SPECIFICATION OF THE MODEL;223
15.3;2. ESTIMATES THAT OMIT THE LABOR CONSTRAINT;232
15.4;3. INTRODUCING THE LABOR CONSTRAINT;240
15.5;Conclusion;242
15.6;APPENDIX 1 Likelihood and mathematical expectation of the endogenous variable for the two-regime model;244
15.7;APPENDIX 2 Differentiated expressions of investment demand functions;246
15.8;APPENDIX 3;252
16;CHAPTER 9. Production capacity, factor demands and demand uncertainty;254
16.1;Introduction;254
16.2;1. The model and the optimality conditions;255
16.3;2. Stationary solution and steady-state growth;260
16.4;3. SPECIFICATION FOR THE ECONOMETRIC ESTIMATION;263
16.5;4. ESTIMATION;266
16.6;Conclusion;275
16.7;APPENDIX 1 Hessian of the problem;277
16.8;APPENDIX 2 Optimality conditions when firms must preserve employment N*(perfect rigidity of employment);278
16.9;APPENDIX 3 Matrix A (equation (18));279
17;EPILOGUE. Econometric models in France: recent developments;282
17.1;1. INSTABILITY OF THE TRADITIONAL MODEL;282
17.2;2 - MODELS BASED ON PROFITABILITY;287
17.3;APPENDIX The user-cost-of-capital series;290
18;CONCLUSION;298
19;References;300
20;SUBJECT INDEX;318