Regime Transitions, Spillovers and Buffer Stocks

Name: Regime Transitions, Spillovers and Buffer Stocks
Author: Peter Stalder

Analysing the Swiss Economy by Means of a Disequilibrium Model

Specificaties

Paperback, 193 blz. | Engels

Springer Berlin Heidelberg | 0e druk, 1991

ISBN13: 9783540540564

Rubricering

Springer Berlin Heidelberg 0e druk, 1991 9783540540564

Onderdeel van serie Lecture Notes in Economics and Mathematical Systems

60,99

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Samenvatting

The macro disequilibrium model for Switzerland presented in this study grew out of a research project which was generously financed by Swiss Natio nal Science Foundation. I am indebted to Prof. Hans Wtirgler and Prof. Heidi Schelbert for encouraging and supporting this work in many ways. The present book is the revised version of a paper that was accepted as a "Habilitations schrift" by the University of ZUrich. Part of the research leading to this book was done during a stay at Princeton University, where I benefited from a stimulating environment, the gratuitous use of facilities and the helpful advise of Richard E. Quandt. Earlier disequilibrium studies for Switzerland were discussed in various seminars (Princeton, Universite de Montreal, C.O.R.E., 1988 Conference on European Unemployment in Chelwood Gate, 2nd Conference on Disequilibrium Econometrics at INSEE, 1989 European Spring Meeting on Macroeconomics in Paris) and published in the 'European Economic Review' and 'Recherches Eco nomiques de Louvain'. Numerous people - including A.S. Blinder, L. Salvas Bronsard, J.H. Dreze, S.M. Goldfeld, C. Gourieroux, P. Kooiman, J.P. Lambert, G. Laroque, H.S. Rosen, H.R. Sneessens" J. Waelbroeck and anonymous referees of the two journals - provided constructive comments on these earlier papers. Their suggestions - as well as the critical remarks by a referee of Springer 'Lecture Notes' - are partly reflected in the present book.

Specificaties

ISBN13:9783540540564

Taal:Engels

Bindwijze:paperback

Aantal pagina's:193

Uitgever:Springer Berlin Heidelberg

Druk:0

Hoofdrubriek:Economie

Serie:Lecture Notes in Economics and Mathematical Systems

Inhoudsopgave

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.- 5.3.1 Preliminaries.- 5.3.2 Malinvaud’s investment model.- 5.3.3 Adopting a vintage-approach.- 5.3.4 Scrapping of old equipment.- 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 of autonomous changes, assessing dynamic stability.- 9.5.1 Short-term impact of a demand shock (Keynesian demand stimulation).- 9.5.2 Reference simulation for examining long-run effects.- 9.5.3 Checking for dynamic stability.- 9.5.4 Long-run effects of permanent and single-period demand shocks.- 9.5.5 Simulation of a permanent wage (and price) reduction.- 10. Summary and Conclusions.- References.