Kumbhakar, Subal C. (Department of Economics) Heshmati, Almas () (Dept. of Economic Statistics, Stockholm School of Economics) Hjalmarsson, Lennart (Department of Economics)
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This paper deals with a dynamic adjustment process in which adjustment of a key variable input (labor) towards its desired level is modeled in a panel data context. The partial adjustment type model is extended to incorporate firm- and time-specific adjustment parameter. A flexible (translog) labor requirement function is used to represent the desired level of labor-use. It is specified as a function of a vector of outputs and other firm-specific variables. Labor-use inefficiency is defined as the ratio of actual to desired level of employment. Productivity growth is defined in terms of a shift in the labor requirement function. Swedish banking data is used as an application of the above model.
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Length: 27 pages Date of creation: 08 Nov 2000 Date of revision:
Nov 2001 Publication status: Published in Journal of Productivity Analysis, 2002, pages 79-102. Handle: RePEc:hhs:hastef:0411
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Find related papers by JEL classification: C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages
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