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Author : M. Ishaq Nadiri
Publisher :
ISBN 13 :
Total Pages : 109 pages
Book Rating : 4.:/5 (846 download)
Download or read book Dynamic Factor Demand Models and Production Analysis written by M. Ishaq Nadiri and published by . This book was released on 1999 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ingmar R. Prucha
Publisher :
ISBN 13 :
Total Pages : 109 pages
Book Rating : 4.:/5 (416 download)
Download or read book Dynamic Factor Demand Models and Productivity Analysis written by Ingmar R. Prucha and published by . This book was released on 1999 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we discuss recent advances in modeling and estimating dynamic factor demand models, and review the use of such models in analyzing the production structure, the determinants of variable and quasi-fixed factors, and productivity growth. The paper also discusses the traditional approach to productivity analysis based on the Divisia index number methodology. Both approaches may be seen as being complementary. The conventional index number approach will measure the rate of technical change correctly if certain assumptions about the underlying technology of the firm and output and input markets hold. The approach is appealing in that it can be easily implemented. However, if the underlying assumptions do not hold, then the conventional index number approach will, in general, yield biased estimates of technical change. The econometric approach based on general dynamic factor demand models allows for a careful testing of various features of a postulated model. Furthermore it not only provides a framework to estimate technical change, but can also yield a rich set of critical information on the structure of production, the dynamics of investment in physical and R&D capital, the effects of spillovers, the depreciation rate of capital, the impact of taxes, expectations, etc. The paper provides both a review of recent methodology developed for the specification and estimation of dynamic factor demand models, as well as a review of recent applications. The paper also explores in terms of a Monte Carlo study how estimates of important characteristics of the production process can be affected by model misspecification. The study suggests that characteristics of the production structure such as scale and technical change are sensitive to model misspecification, and that adopting a simple specification for reasons of convenience may result in serious biases
Author : M. Ishaq Nadiri
Publisher :
ISBN 13 :
Total Pages : 68 pages
Book Rating : 4.3/5 ( download)
Download or read book Dynamic Factor Demand Models, Productivity Measurement, and Rates of Return written by M. Ishaq Nadiri and published by . This book was released on 1989 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prucha and Nadiri (1982,1986,1988) introduced a methodology to estimate systems of dynamic factor demand that allows for considerable flexibility in both the choice of the functional form of the technology and the expectation formation process. This paper applies this methodology to estimate the production structure, and the demand for labor, materials, capital and R & D by the U.S. Bell System. The paper provides estimates for short-, intermediate- and long-run price and output elasticities of the inputs, as well as estimates on the rate of return on capital and R & D. The paper also discusses the issue of the measurement of technical change if the firm is in temporary rather than long-run equilibrium and the technology is not assumed to be linear homogeneous The paper provides estimates for input and output based technical change as well as for returns to scale. Furthermore, the paper gives a decomposition of the traditional measure of total factor productivity growth.
Author : H. M. M. Peeters
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (378 download)
Download or read book A Comparison of Production Smoothing Model and a Dynamic Factor Demand Model with Inventories written by H. M. M. Peeters and published by . This book was released on 1994* with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Anthony N. Rezitis
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Dynamic Factor Demands for US Cigarette Manufacturing Under Rational Expectations written by Anthony N. Rezitis and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The rational expectations approach to adjustment cost models for factor demand is used to develop a dynamic model for US cigarette manufacturing. In the present study dynamic production modelling is extended to the case of multiple outputs. This analysis is the first to address cigarette manufacturing allowing for the possible influence of quasi-fixed factors, multiple outputs and rational expectations. Short-, intermediate-, and long-run factor demands are estimated and the presence of adjustment costs tested for in US cigarette manufacturing. The results indicate that there are significant adjustment costs associated with adjusting tobacco stock but not with adjusting the capital stock. Cigarettes produced for exports appear to differ in their marginal cost of production from cigarettes produced for sale in the US market.
Author : Robert S. Pindyck
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 (9 download)
Download or read book Dynamic Factor Demands Under Rational Expectations written by Robert S. Pindyck and published by . This book was released on 1982 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a dynamic model of the industrial demands for structures, equipment, and blue- and white-collar labor. Our approach is consistent with producers holding rational expectations and optimizing dynamically in the presence of adjustment costs, yet it permits generality of functional form regarding the technology. We represent the technology by atranslog input requirement function that specifies the amount of blue-collar labor (a flexible factor) the firm must hire to produce a level of output given its quantities of three quasi-fixed factors that are subject to adjustment costs: non-production (white-collar) workers, equipment, and structures.A complete description of the production structure is obtained by simultaneously estimating the input requirement function and three stochastic Euler equations.We apply an instrumental variable technique to estimate these equations using aggregate data for U.S. manufacturing. We find that as a fraction of total expenditures, adjustment costs are small in total hut large on the margin,and that they differ considerably across quasi-fixed factors. We also present short- and long-run elasticities of factor demands.
Author : Peter Eric Rossi
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (753 download)
Download or read book Comparison of Dynamic Factor Demand Models written by Peter Eric Rossi and published by . This book was released on 1987 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael P. Clements
Publisher : OUP USA
ISBN 13 : 0195398645
Total Pages : 732 pages
Book Rating : 4.1/5 (953 download)
Download or read book The Oxford Handbook of Economic Forecasting written by Michael P. Clements and published by OUP USA. This book was released on 2011-07-08 with total page 732 pages. Available in PDF, EPUB and Kindle. Book excerpt: Greater data availability has been coupled with developments in statistical theory and economic theory to allow more elaborate and complicated models to be entertained. These include factor models, DSGE models, restricted vector autoregressions, and non-linear models.
Author : Ingmar R. Prucha
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (72 download)
Download or read book Endogenous Capital Utilization and Production Measurement in Dynamic Factor Demand Models: Theory and an Application to the U.S. Electrical Machinery Industry written by Ingmar R. Prucha and published by . This book was released on 1991 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Göran Eriksson
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (185 download)
Download or read book Production Technology and Dynamic Factor Demand written by Göran Eriksson and published by . This book was released on 1987 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : M. Ishag Nadiri
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (129 download)
Download or read book Dynamic factor demand models, productivity measurement and rates of return written by M. Ishag Nadiri and published by . This book was released on 1989 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Rainer Andergassen
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (18 download)
Download or read book Dynamic Factor Demand Models, Growth and Economic Fluctuations written by Rainer Andergassen and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Charles R. Hulten
Publisher : University of Chicago Press
ISBN 13 : 0226360644
Total Pages : 648 pages
Book Rating : 4.2/5 (263 download)
Download or read book New Developments in Productivity Analysis written by Charles R. Hulten and published by University of Chicago Press. This book was released on 2007-11-01 with total page 648 pages. Available in PDF, EPUB and Kindle. Book excerpt: The productivity slowdown of the 1970s and 1980s and the resumption of productivity growth in the 1990s have provoked controversy among policymakers and researchers. Economists have been forced to reexamine fundamental questions of measurement technique. Some researchers argue that econometric approaches to productivity measurement usefully address shortcomings of the dominant index number techniques while others maintain that current productivity statistics underreport damage to the environment. In this book, the contributors propose innovative approaches to these issues. The result is a state-of-the-art exposition of contemporary productivity analysis. Charles R. Hulten is professor of economics at the University of Maryland. He has been a senior research associate at the Urban Institute and is chair of the Conference on Research in Income and Wealth of the National Bureau of Economic Research. Michael Harper is chief of the Division of Productivity Research at the Bureau of Labor Statistics. Edwin R. Dean, formerly associate commissioner for Productivity and Technology at the Bureau of Labor Statistics, is adjunct professor of economics at The George Washington University.
Author : Matteo Manera
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Modeling Factor Demands with Sem and VAR written by Matteo Manera and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The empirical analysis of the economic interactions between factors of production, output and corresponding prices has received much attention over the last two decades. Most contributions in this area have agreed on the neoclassical principle of a representative optimizing firm and typically use theory-based structural equation models (SEM). A popular alternative to SEM is given by the vector autoregression (VAR) methodology. The most recent attempts to link the SEM approach with VAR analysis in the area of factor demands concentrate on single-equation models, whereas no effort has been devoted to compare these alternative approaches when a firm is assumed to face a multi-factor technology and to decide simultaneously the optimal quantity for each input. This paper bridges this gap. First, we illustrate how the SEM and the VAR approaches can both represent valid alternatives to model systems of dynamic factor demands. Second, we show how to apply both methodologies to estimate dynamic factor demands derived from a cost-minimizing capital-labour-energy-materials (KLEM) technology with adjustment costs (ADC) on the quasi-fixed capital factor. Third, we explain how to use both models to calculate some widely accepted indicators of the production structure of an economic sector, such as price and quantity elasticities, and alternative measures of ADC. In particular, we propose and discuss some theoretical and empirical justifications of the differences between observed elasticities, measures of ADC, and the assumption of exogeneity of output and/or input prices. Finally, we offer some suggestions for the applied researcher.
Author : Marga Peeters
Publisher :
ISBN 13 :
Total Pages : 160 pages
Book Rating : 4.:/5 (125 download)
Download or read book A Comparision of a Production Smoothing Model and a Dynamic Factor Demand Model with Inventories written by Marga Peeters and published by . This book was released on 1997 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Maxym Kryshko
Publisher : International Monetary Fund
ISBN 13 : 1463903499
Total Pages : 51 pages
Book Rating : 4.4/5 (639 download)
Download or read book Data-Rich DSGE and Dynamic Factor Models written by Mr.Maxym Kryshko and published by International Monetary Fund. This book was released on 2011-09-01 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: Dynamic factor models and dynamic stochastic general equilibrium (DSGE) models are widely used for empirical research in macroeconomics. The empirical factor literature argues that the co-movement of large panels of macroeconomic and financial data can be captured by relatively few common unobserved factors. Similarly, the dynamics in DSGE models are often governed by a handful of state variables and exogenous processes such as preference and/or technology shocks. Boivin and Giannoni(2006) combine a DSGE and a factor model into a data-rich DSGE model, in which DSGE states are factors and factor dynamics are subject to DSGE model implied restrictions. We compare a data-richDSGE model with a standard New Keynesian core to an empirical dynamic factor model by estimating both on a rich panel of U.S. macroeconomic and financial data compiled by Stock and Watson (2008).We find that the spaces spanned by the empirical factors and by the data-rich DSGE model states are very close. This proximity allows us to propagate monetary policy and technology innovations in an otherwise non-structural dynamic factor model to obtain predictions for many more series than just a handful of traditional macro variables, including measures of real activity, price indices, labor market indicators, interest rate spreads, money and credit stocks, and exchange rates.
Author : M. Ishaq Nadiri
Publisher :
ISBN 13 :
Total Pages : 109 pages
Book Rating : 4.:/5 (849 download)
Download or read book Dynamic Factor Dddddemand Models and Productivity Analysis written by M. Ishaq Nadiri and published by . This book was released on 1999 with total page 109 pages. Available in PDF, EPUB and Kindle. Book excerpt:
