The Dynamic Demand for Capital and Labor
构建并估计了资本与劳动力动态相互依赖的需求模型，利用企业一阶条件而非封闭决策规则，发现调整速度较快，表明要素价格能在较高频率上影响投资。
A model of the dynamically interrelated demand for capital and labor is specified and estimated. The estimates are of the first-order conditions of the firm's problem rather than of the closed-form decision rules. This use of the first-order conditions allows a random rate of return and a flexible specification of the technology. The estimates do not imply the very slow rates of adjustment displayed in other, related estimates of the demand for capital. Because adjustment is estimated to be rapid, there is, contrary to the standard view, scope for factor prices to affect investment at relatively high frequencies.