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The Dynamic Demand for Capital and Labor

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  • Matthew D. Shapiro

Abstract

A model of the dynamically interrelated demand for capital and labor is specified and estimated. The estimates are of the first-order conditions of the firm's problem rather than of the closed-form decision rules. This use of the first-order conditions allows a random rate of return and a flexible specification of the technology. The estimates do not imply the very slow rates of adjustment displayed in other, related estimates of the demand for capital. Because adjustment is estimated to be rapid, there is, contrary to the standard view, scope for factor-prices to affect investment at relatively high frequencies.

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File URL: http://cowles.econ.yale.edu/P/cd/d07a/d0735.pdf
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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 735.

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Length: 34 pages
Date of creation: Jan 1984
Date of revision:
Publication status: Published in Quarterly Journal of Economics (August 1986), 513-542
Handle: RePEc:cwl:cwldpp:735

Note: CFP 650.
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Keywords: Investment; capital; labor demand;

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  1. Ben S. Bernanke, 1985. "Employment, Hours, and Earnings in the Depression: An Analysis of EightManufacturing Industries," NBER Working Papers 1642, National Bureau of Economic Research, Inc.
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