Time-to-build: Interrelated Investment And Labour Demand Modelling With Applications To Six Oecd Countries (lecture Notes In Economics And Mathematical Systems)

As large physical capital stock projects need long periods to be built, a time-to-build specification is incorporated in factor demand models. Time-to-build and adjustment costs dynamics are identified since by the first moving average dynamics, whereas by the latter autoregressive dynamics are induced. Empirical evidence for time-to-build is obtained from data from the Dutch construction industry and by the estimation result from the manufacturing industry of six OECD countries. Front Matter....Pages I-IX Overview....Pages 1-7 Physical Capital Stock Investments and Labour Demand....Pages 9-34 Investment Gestation Lags....Pages 35-51 A Closed Form Solution for a Model with Time-to-Build and Adjustment Costs....Pages 53-102 Persistence, Asymmetries and Interrelation in Manufacturing Structures, Equipment and Labour Demand....Pages 103-140 Interrelations in Physical Capital Stock, Labour and Inventory Investments....Pages 141-169 Summary, Conclusions and Shortcomings....Pages 171-182 Back Matter....Pages 183-206