Persistence, Asymmetries and Interrelation in Factor Demand
分析了一个包含建筑物、设备和劳动力的新古典要素需求模型，利用多国制造业数据估计了动态调整成本，发现建筑物存在建设周期、技术冲击具有持续性且调整成本之间存在相互关系。
A neoclassical factor demand model for structures, equipment and labour is analyzed in this paper. It incorporates a variety of dynamic specifications, such as a multi‐period time‐to‐build for structures, internal adjustment costs for each production factor, and external investment adjustment costs. First‐order conditions of the model are estimated by the generalized method of moments using manufacturing industry data from the US, Canada, West Germany, the UK (all 1960.I–1988.IV), France (1970.I–1992.II) and the Netherlands (1971.I–1990.IV). The results endorse time‐to‐build for structures, persistence of technology shocks and interrelations in adjustment cost dynamics.