Regime Transitions, Spillovers and Buffer Stocks
Analysing the Swiss Economy by Means of a Disequilibrium Model
Published on 12. June 1991
Book
Paperback/Softback
VI, 193 pages
978-3-540-54056-4 (ISBN)
Description
This book develops a macro disequilibrium model, focusing on the production sector and the associated spillover effects. Firms' decisions on investment, output supply and labor demand are analysed on basis of an approach involving excess demand, profitability and relative prices. As a novelty in such an analysis, inventories and unfilled orders act as buffer stocks.
More details
Series
Edition
Softcover reprint of the original 1st ed. 1991
Language
English
Place of publication
Berlin
Germany
Publishing group
Springer Berlin
Target group
Professional and scholarly
Research
Illustrations
VI, 193 p.
Dimensions
Height: 244 mm
Width: 170 mm
Thickness: 12 mm
Weight
369 gr
ISBN-13
978-3-540-54056-4 (9783540540564)
DOI
10.1007/978-3-642-46739-4
Schweitzer Classification
Content
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.- 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 ofautonomous changes, assessing dynamic stability.- 10. Summary and Conclusions.- References.