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Evaluating the optimality of Spanish industry (1980-1993)

  • Moreno, Rosina

    ()

  • Lopez-Bazo, Enrique

    ()

  • Artis, Manuel

    ()

This paper tests whether Spanish industry adjusted the amount of inputs and output to those considered optimal given their prices in each time period. With this aim, we use the short- and long-run equilibrium models given by duality theory, and we apply the optimality tests derived from them for the case of Spanish manufactures from 1980 to 1993. The results obtained point to a disequilibrium in manufactures' behaviour, although it has been vanishing through the period under consideration.

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File URL: http://www-sre.wu-wien.ac.at/ersa/ersaconfs/ersa02/cd-rom/papers/353.pdf
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Paper provided by European Regional Science Association in its series ERSA conference papers with number ersa02p353.

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Date of creation: Aug 2002
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Handle: RePEc:wiw:wiwrsa:ersa02p353
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  1. Pindyck, Robert S & Rotemberg, Julio J, 1983. "Dynamic Factor Demands and the Effects of Energy Price Shocks," American Economic Review, American Economic Association, vol. 73(5), pages 1066-79, December.
  2. Caballero, Ricardo J. & Lyons, Richard K., 1990. "Internal versus external economies in European industry," European Economic Review, Elsevier, vol. 34(4), pages 805-826, June.
  3. Kulatilaka, Nalin, 1985. "Tests on the validity of static equilibrium models," Journal of Econometrics, Elsevier, vol. 28(2), pages 253-268, May.
  4. Caballero, R.J. & Lyons, R.K., 1991. "External Effects in U.S. Procyclical Productivity," Papers 91-19, Columbia - Graduate School of Business.
  5. Robert E. Hall, 1986. "The Relation Between Price and Marginal Cost in U.S. Industry," NBER Working Papers 1785, National Bureau of Economic Research, Inc.
  6. Donald S. Siegel & Catherine J. Morrison Paul, 1999. "Scale Economies and Industry Agglomeration Externalities: A Dynamic Cost Function Approach," American Economic Review, American Economic Association, vol. 89(1), pages 272-290, March.
  7. Morrison, Catherine J, 1992. "Markups in U.S. and Japanese Manufacturing: A Short-Run Econometric Analysis," Journal of Business & Economic Statistics, American Statistical Association, vol. 10(1), pages 51-63, January.
  8. Catherine J. Morrison & Donald Siegel, 1997. "External Capital Factors And Increasing Returns In U.S. Manufacturing," The Review of Economics and Statistics, MIT Press, vol. 79(4), pages 647-654, November.
  9. Elena Huergo, 1998. "Identificación del poder de mercado: estimaciones para la industria española," Investigaciones Economicas, Fundación SEPI, vol. 22(1), pages 69-91, January.
  10. Francisco Javier Suáres Bernaldo de Quirós, 1992. "Economías de escala, poder de mercado y externalidades: medición de las fuentes del crecimiento español," Investigaciones Economicas, Fundación SEPI, vol. 16(3), pages 411-441, September.
  11. Catherine J. Morrison & Donald Siegel, 1996. "Scale and Aggregation Effects in U.S. Manufacturing: Evidence on Returns to Capital," Canadian Journal of Economics, Canadian Economics Association, vol. 29(s1), pages 570-75, April.
  12. Lourdes Moreno & Diego Rodríguez, 2004. "Domestic and Foreign Price/Marginal-cost Margins: an Application to Spanish Manufacturing Firms," Review of International Economics, Wiley Blackwell, vol. 12(1), pages 60-80, 02.
  13. Conrad, Klaus & Unger, Ralph, 1987. "Ex post tests for short-and long-run optimization," Journal of Econometrics, Elsevier, vol. 36(3), pages 339-358, November.
  14. Morrison, Catherine J, 1992. "Unraveling the Productivity Growth Slowdown in the United States, Canada and Japan: The Effects of Subequilibrium, Scale Economies and Markups," The Review of Economics and Statistics, MIT Press, vol. 74(3), pages 381-93, August.
  15. Moreno, Rosina & Lopez-Bazo, Enrique & Artis, Manuel, 2002. "Public infrastructure and the performance of manufacturing industries: short- and long-run effects," Regional Science and Urban Economics, Elsevier, vol. 32(1), pages 97-121, January.
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