Factor Prices, Employment and Investment in U.K. and West German Manufacturing
AbstractThis paper investigates the empirical performance of a system of investment and employment equations for the U.K. and West German manufacturing sectors. The distinguishing feature of the model is the assumption that firms face adjustment costs in changing the stock of capital and labor and that these costs are interrelated. That makes the employment and investment decisions of the firm interdependent, with employment being determined by investment and vice versa. The empirical implementation of the model for both countries is satisfactory and outperforms a rival model in which employment and investment decisions are made separately. Copyright 1994 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Bibliographic InfoArticle provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.
Volume (Year): 62 (1994)
Issue (Month): 4 (December)
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Postal: Manchester M13 9PL
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Web page: http://www.socialsciences.manchester.ac.uk/disciplines/economics/
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- J Hatzius, 1997. "Foreign Direct Investment," CEP Discussion Papers dp0336, Centre for Economic Performance, LSE.
- Felix Fitzroy & Michael Funke, 1993.
"Real Wages, Investment and Employment - New Evidence From West German Sectoral Data,"
CRIEFF Discussion Papers
9305, Centre for Research into Industry, Enterprise, Finance and the Firm.
- Felix FitzRoy & Michael Funke, 1994. "Real wages, investment and employment: New evidence from West German sectoral data," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 130(2), pages 258-272, June.
- Philip Tomlinson, 2002. "The Real Effects of Transnational Activity upon Investment and Labour Demand within Japan's Machinery Industries," International Review of Applied Economics, Taylor & Francis Journals, vol. 16(2), pages 107-129.
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