{"product_id":"dynamic-factor-demand-in-a-rationing-context-von-werner-smolny","title":"Dynamic Factor Demand in a Rationing Context","description":"A macroeconomic disequilibrium model is developed for the\nFederal Republic  of Germany. Starting with a microeconomic\nmodel of firm's behaviour, the    optimal dynamic adjustment of\nemployment and investment is derived. The     model of the firm\nis complemented by an explicite aggregation procedure     which\nallows to derive macroeconomic relations. The model is\nestimated  with macroeconomic data for the Federal Republic\nof Germany.\nAn         important feature is the consistent introduction of\ndynamic adjustment into a model of the firm. A new method is\nthe particular approach of a delayed   adjustment of\nemployment and investment.\nThe estimation results show    significant underutilizations of\nlabour and capital and indicate the        importance of supply\nconstraints for imports and exports. As the most       prominent\nresult, they reveal the importance of the slow adjustment         of\nemployment and investment for the macroeconomic situation in\nGermany and especially for the persistence of high\nunemployment in the eighties.\u003cdiv class=\"aw-variant-hidden-subtitle-div\" id=\"aw-variant-subtitle-9783790807127\"\u003e\u003ch3\u003eTheory and Estimation of a Macroeconomic Disequilibrium Model for the Federal Republic of Germany\u003c\/h3\u003e\u003c\/div\u003e","brand":"Autorenwelt Shop","offers":[{"title":"Softcover - 9783790807127","offer_id":49593476907333,"sku":"9783790807127","price":106.99,"currency_code":"EUR","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0940\/0622\/files\/5e56d968-9ccd-40ee-8158-00e70efe7837.jpg?v=1760507274","url":"https:\/\/shop.autorenwelt.de\/en\/products\/dynamic-factor-demand-in-a-rationing-context-von-werner-smolny","provider":"Autorenwelt Shop","version":"1.0","type":"link"}