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Dynamic Factor Demands in a Changing Economy - An Irish Application

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  • Kieran McQuinn

    (Central Bank and Financial Services Authority of Ireland)

Abstract

In this paper a model of dynamic factor demands is presented for the Irish economy. Total costs, labour and capital are modelled on a two-stage basis. First, a static, long-run cost function is specified which allows for the derivation of expressions for optimal labour and capital demand. This function is assumed to be of the flexible, translog form and thus more general than the generic Cobb-Douglas application. In the second stage, a dynamic cost function is specified which nests the long-run static approach. Growth rates in factor shares are derived from the dynamic approach and the rate of adjustment of input use to factor price changes is examined through the use of short and long-run elasticities.

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File URL: http://www.esr.ie/Vol36_2/02_McQuinn_Article.pdf
File Function: First version, 2005
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Bibliographic Info

Article provided by Economic and Social Studies in its journal Economic and Social Review.

Volume (Year): 36 (2005)
Issue (Month): 2 ()
Pages: 109-126

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Handle: RePEc:eso:journl:v:36:y:2005:i:2:p:109-126

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Web page: http://www.esr.ie

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  1. Urga, Giovanni & Walters, Chris, 2003. "Dynamic translog and linear logit models: a factor demand analysis of interfuel substitution in US industrial energy demand," Energy Economics, Elsevier, vol. 25(1), pages 1-21, January.
  2. Anderson, G J & Blundell, R W, 1982. "Estimation and Hypothesis Testing in Dynamic Singular Equation Systems," Econometrica, Econometric Society, vol. 50(6), pages 1559-71, November.
  3. Engle, Robert F, 1982. "Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation," Econometrica, Econometric Society, vol. 50(4), pages 987-1007, July.
  4. Breusch, T S, 1978. "Testing for Autocorrelation in Dynamic Linear Models," Australian Economic Papers, Wiley Blackwell, vol. 17(31), pages 334-55, December.
  5. Adele Bergin & Ide Kearney, 2004. "Human Capital, The Labour Market and Productivity Growth in Ireland," Papers WP158, Economic and Social Research Institute (ESRI).
  6. Lopez, Ramon E., 1982. "Applications Of Duality Theory To Agriculture," Western Journal of Agricultural Economics, Western Agricultural Economics Association, vol. 7(02), December.
  7. Slevin, Geraldine, 2001. "Potential Output and the Output Gap in Ireland," Research Technical Papers 5/RT/01, Central Bank of Ireland.
  8. McKay, Lloyd & Lawrence, Denis & Vlastuin, Chris, 1983. "Profit, Output Supply, and Input Demand Functions for Multiproduct Firms: The Case of Australian Agriculture," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 24(2), pages 323-39, June.
  9. Godfrey, Leslie G, 1978. "Testing against General Autoregressive and Moving Average Error Models When the Regressors Include Lagged Dependent Variables," Econometrica, Econometric Society, vol. 46(6), pages 1293-1301, November.
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