By Marga Peeters
ISBN-10: 3540588094
ISBN-13: 9783540588092
ISBN-10: 3642468152
ISBN-13: 9783642468155
As huge actual capital inventory initiatives want lengthy sessions to be equipped, a time-to-build specification is included in issue call for types. Time-to-build and adjustment charges dynamics are pointed out for the reason that by way of the 1st relocating typical dynamics, while via the latter autoregressive dynamics are precipitated. Empirical facts for time-to-build is got from information from the Dutch development and via the estimation consequence from the producing of six OECD countries.
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Extra info for Time-To-Build: Interrelated Investment and Labour Demand Modelling With Applications to Six OECD Countries
Sample text
During the construction period a capital good (for example a plant, see Mayer (1960» is constructed in stages. Investments are thereby made, but no returns exist yet. It is only after the construction process that the capital project can be used for production. The schedule of investments during construction as well as the construction period are assumed not to change over time. A main distinction between time-to-build and 'delivery' lags is found in the timing of investment expenditures. Time-to-build allows for investments to take place during the whole gestation period.
The construction period of both new plants and large additions to existing operating plants is found to be eleven months on average (unweighted). S. econometric analyses with quarterly data (1947-1960) by Jorgenson and Stephenson (1967), among others. They estimated average lags between the determinants of investment behaviour and actual investments. S. findings date from the fifties and sixties, they are quite well in line with the plants' construction time calculations for the Dutch industry.
III eu.. 11;" "' .. 2, after taking into account interrelation and dynamics of first order, the series still are left with significant correlations. The correlations at short lags in the labour series are only significant for France and the Netherlands. To summarize these simple analyses, the importance of interrelations between the investments series structures and equipment, and in labour series, together with their dynamics, are emphasized by the data used here. Logical questions concern the economic explanation of the observed dynamics and possible differences in dynamics between investments and labour series.
Time-To-Build: Interrelated Investment and Labour Demand Modelling With Applications to Six OECD Countries by Marga Peeters
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