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A continuous time cyclical growth model for the Federal Republic of Germany: Construction, estimation and analysis

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  • Kirkpatrick, Grant

Abstract

This paper seeks to unify and extend a number of recent directions in macro-economic research. Firstly, there has been a tendency to introduce new factors and to unify their treatment. Thus imported raw materials together with floating exchange rates are now an established part of the literature. This has naturally led to the introduction of real wage rigidity as an essential element in the study of transmission of impulses between countries. Yet the unified treatment of such factors in a macro-econometric model is rare, the empirical work being mainly of the Single equation on reduced form variety. The empirical work on real wages and employment is a good example (see Sachs, 1983, for a review). In addition most macro-econometric modeis are Keynesian in construction, the supply side being relatively poorly developed.

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  • Kirkpatrick, Grant, 1984. "A continuous time cyclical growth model for the Federal Republic of Germany: Construction, estimation and analysis," Kiel Working Papers 219, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkwp:219
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    References listed on IDEAS

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    1. Nadiri, M Ishaq & Rosen, Sherwin, 1969. "Interrelated Factor Demand Functions," American Economic Review, American Economic Association, vol. 59(4), pages 457-471, Part I Se.
    2. Stutzer, Michael J., 1980. "Chaotic dynamics and bifurcation in a macro model," Journal of Economic Dynamics and Control, Elsevier, vol. 2(1), pages 353-376, May.
    3. Blanchard, Olivier Jean & Kahn, Charles M, 1980. "The Solution of Linear Difference Models under Rational Expectations," Econometrica, Econometric Society, vol. 48(5), pages 1305-1311, July.
    4. Day, Richard H., 1984. "Disequilibrium economic dynamics : A post-Schumpeterian contribution," Journal of Economic Behavior & Organization, Elsevier, vol. 5(1), pages 57-76, March.
    5. L. G. Telser & R. L. Graves, 1968. "Continuous and Discrete Time Approaches to a Maximization Problem," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 35(3), pages 307-325.
    6. Blundell-Wignall, Adrian, 1984. "Exchange Rate Modelling and the Role of Asset Supplies: The Case of the Deutschemark Effective Rate, 1973 to 1983," The Manchester School of Economic & Social Studies, University of Manchester, vol. 52(1), pages 14-27, March.
    7. Buiter, Willem H, 1984. "Saddlepoint Problems in Continuous Time Rational Expectations Models: A General Method and Some Macroeconomic Examples," Econometrica, Econometric Society, vol. 52(3), pages 665-680, May.
    8. Sims, Christopher A, 1971. "Discrete Approximations to Continuous Time Distributed Lags in Econometrics," Econometrica, Econometric Society, vol. 39(3), pages 545-563, May.
    9. Leamer, Edward E & Leonard, Herman B, 1983. "Reporting the Fragility of Regression Estimates," The Review of Economics and Statistics, MIT Press, vol. 65(2), pages 306-317, May.
    10. Hendry, David F, 1980. "Econometrics-Alchemy or Science?," Economica, London School of Economics and Political Science, vol. 47(188), pages 387-406, November.
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    Cited by:

    1. Klodt, Henning, 1985. "Lohnquote und Beschäftigung - die Lohnlücke," Kiel Working Papers 230, Kiel Institute for the World Economy (IfW Kiel).
    2. Gerken, Egbert & Gross, Martin, 1985. "A structural policy model for the Federal Republic of Germany," Kiel Working Papers 240, Kiel Institute for the World Economy (IfW Kiel).
    3. Gerken, Egbert, 1986. "The determinants of European agricultural trade interference," Kiel Working Papers 254, Kiel Institute for the World Economy (IfW Kiel).
    4. Dicke, Hugo & Glismann, Hans H., 1985. "Die industrielle Entwicklung der OPEC-Staaten und ihre Rückwirkungen auf die Wirtschaft der Bundesrepublik Deutschland," Kiel Working Papers 231, Kiel Institute for the World Economy (IfW Kiel).
    5. Klodt, Henning, 1986. "Lohnquote und Beschäftigung - die Lohnlücke," Open Access Publications from Kiel Institute for the World Economy 1313, Kiel Institute for the World Economy (IfW Kiel).

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