Regime Transitions, Spillovers and Buffer Stocks

Analysing the Swiss Economy by Means of a Disequilibrium Model

AvPeter Stalder

Häftad, Engelska, 1991

Del 360 i serien Lecture Notes in Economics and Mathematical Systems

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Beskrivning

This book develops a macro disequilibrium model, focusing on the production sector and the associated spillover effects. Firms' decisions on investment, output supply and labor demand are analysed on basis of an approach involving excess demand, profitability and relative prices. As a novelty in such an analysis, inventories and unfilled orders act as buffer stocks.

Produktinformation

Utgivningsdatum:1991-06-12
Mått:170 x 244 x 12 mm
Vikt:369 g
Format:Häftad
Språk:Engelska
Serie:Lecture Notes in Economics and Mathematical Systems
Antal sidor:193
Förlag:Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
ISBN:9783540540564

Utforska kategorier

Mikroekonomi inom Ekonomi och Ledarskap
Makroekonomi inom Ekonomi och Ledarskap

Innehållsförteckning

1. Introduction.- 1.1 Alternative theories of macroeconomic fluctuations.- 1.2 Assessment of the controversy — Motivation of the present study.- 1.3 Scope and limitations of the investigation.- 1.4 Set-up of the paper.- 2. The Micro Model.- 2.1 Spillovers and transactions.- 2.2 Discussion of the spillover elasticities.- 2.3 Regimes.- Appendix: Comparision with other spillover-formulations.- 3. Derivation of the Aggregate Model.- 3.1 Aggregation.- 3.2 Introduction of error terms.- 3.3 Adopting an econometrically tractable approximation.- 3.4 Accuracy of the approximation.- 4. Modified Version: Buffer Role of Inventories and Unfilled Orders.- 5. Specification of the Aggregate Econometric Equations.- 5.1 Labor supply.- 5.2 Demand for domestic output.- 5.3 Notional labor demand, notional goods supply and investment.- 6. Structure of the Model, Method of Estimation and Dynamic Ncxtensions.- 6.1 Allowing for a trend in labor market mismatch.- 6.2 Summary of the model.- 6.3 Method of estimation.- 6.4 Labor hoarding, partial adjustment and error correction dynamics.- 7. Estimation results.- 7.1 Empirical versions — Models 1 to 4.- 7.2 Model 1: No buffer stocks, ‘static’ labor hoarding.- 7.3 Model 2: No buffer stocks, dynamic labor hoarding.- 7.4 Model 3: Allowing for buffer stocks.- 7.5 Model 4: Inclusion of the investment equation.- 7.6 Interpreting Model 4 — Testing a priori parameter restrictions.- 7.7 Intertemporal substitution in labor supply — Comparison with other studies.- 8. Testing Parameter Stability.- 9. Simulations.- 9.1 Fit of the model (static simulation).- 9.2 Development of the Swiss economy: Regimes and spillovers.- 9.3 The Swiss labor market — A miracle?.- 9.4 Dynamic tracking performance.- 9.5 Simulating short-run and long-run effects ofautonomous changes, assessing dynamic stability.- 10. Summary and Conclusions.- References.

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