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A Macro Disequilibrium Model for Switzerland

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  • Peter STALDER

    (Center for the Research of Economic Activity, ETH, Zürich)

Abstract

This paper presents a disequilibrium model for Switzerland, focusing on the production sector and the associated spillover effects. Finns' decisions on output supply, labor demand and investment are analysed on basis of a vintage approach, involving pressure of demand, profitability and relative prices as determinants. Macro relationships are derived by aggregating over micro markets on which regimes are allowed to differ. In the resulting nonlinear macro structure the response of output and employment to demand-side and supply-side factors varies through the cycle, depending on the regime-mix (measured by survey data). Inventories and unfilled orders act as buffer stocks, modifying the dynamic link between current demand and output.

Suggested Citation

  • Peter STALDER, 1991. "A Macro Disequilibrium Model for Switzerland," Discussion Papers (REL - Recherches Economiques de Louvain) 1991022, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvre:1991022
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    Cited by:

    1. Peter Stalder, 2016. "Exchange Rate Shocks, Monetary Policy and Boom-Bust Cycles in the Housing Market: An Econometric Analysis for Switzerland," Journal of Business Cycle Research, Springer;Centre for International Research on Economic Tendency Surveys (CIRET), vol. 12(2), pages 217-251, December.
    2. Peter Stalder, 2010. "Free Migration between the EU and Switzerland: Impacts on the Swiss Economy and Implications for Monetary Policy," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 146(IV), pages 821-874, December.

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