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Labor and Investment Demand at the Firm Level: A Comparison of French, German and U.S. Manufacturing, 1970-79

  • Jacques Mairesse
  • Brigitte Dormont

We investigate how labor and investment demand at the firm level (gross as well as net and replacement investment separately) differs in French, German and U.S. manufacturing, and has changed since the 1974-75 crisis. We use three consistent panel data samples of large firms for1970-79, and rely on simple models of the accelerator-profits type. We find that the accelerator effects and the profits effects did not vary much between 1970-73 and 1976-79, and were quite comparable in the three countries, the former being of a more permanent nature and the latter more transitory.To a large extent these effects account for the important changes and differences in labor and investment demand between the two subperiods and across the three countries.

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File URL: http://www.nber.org/papers/w1554.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1554.

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Date of creation: Feb 1985
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Publication status: published as Dormont, Brigitte and Jacques Mairesse. "Labor and Investment at the Firm Level: A Comparison of French, German and U.S. Manufacturing," European Economic Review, Vo. 28, No. 1-2, June-July 1985, pp. 201-231.
Handle: RePEc:nbr:nberwo:1554
Note: PR
Contact details of provider: Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
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  1. Feldstein, Martin, 1982. "Inflation, Tax Rules and Investment: Some Econometric Evidence," Econometrica, Econometric Society, vol. 50(4), pages 825-62, July.
  2. Feldstein, Martin S & Foot, David K, 1971. "The Other Half of Gross Investment: Replacement and Modernization Expenditures," The Review of Economics and Statistics, MIT Press, vol. 53(1), pages 49-58, February.
  3. Robert Eisner, 1978. "Factors in Business Investment," NBER Books, National Bureau of Economic Research, Inc, number eisn78-1, May.
  4. Zvi Griliches & Jacques Mairesse, 1982. "Comparing Productivity Growth: An Exploration of French and U.S. Industrial and Firm Data," NBER Working Papers 0961, National Bureau of Economic Research, Inc.
  5. Kim B. Clark & Richard B. Freeman, 1979. "How Elastic is The Demand for Labor?," NBER Working Papers 0309, National Bureau of Economic Research, Inc.
  6. Robert Eisner, 1978. "Introduction to "Factors in Business Investment"," NBER Chapters, in: Factors in Business Investment, pages 1-16 National Bureau of Economic Research, Inc.
  7. Zvi Griliches & Jerry A. Hausman, 1984. "Errors in Variables in Panel Data," NBER Technical Working Papers 0037, National Bureau of Economic Research, Inc.
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