Expectations and Factor Demand
构建并估计了一个包含理性预期和内部调整成本的要素需求模型，区分了技术参数与调整参数，并用美国制造业战后季度数据检验了模型，模拟了能源价格体制变化和投资税收抵免暂停的影响。
This paper develops and estimates a model of interrelated factor demand with rational expectations, in the presence of internal adjustment costs. Invariant technological parameters are distinguished from the firm's adjustment parameters, which change when the exogenous processes faced by the firm change. The capital demand equation is derived by solving the Euler equations which stem from minimization of the present value of costs. Future exogenous variables are supplied from solutions of ARIMA equations. The model is tested on postwar quarterly data for U.S. manufacturing. A regime change in the process for energy prices is simulated, as is a temporary suspension of the investment tax credit.