exchange rate uncertainty. Based on this micro foundation an aggregation approach is presented. Under uncertainty, intervals of … employment or firing may occur after an initially weak response. Since these mechanisms may apply to other "investment" cases … where the aggregation of microeconomic real options effects under uncertainty are relevant, they may even be of a more …

This paper considers the problem of aggregation in the case of large linear dynamic panels, where each micro unit is … Pesaran (2003), an optimal aggregate function is derived, and the limiting behavior of the aggregation error is investigated … which observed inflation persistence at the aggregate level is due to aggregation and/or common unobserved factors. Our …

Differences in wages, employment, and capital between worker-owned and capitalist enterprises are computed from a …, employment, and capital equations largely corroborate the implications of the behavioral models of the two types of enterprise …

covers the period 1993-2005. The estimates indicate that it is advantageous to adjust the stock of labour and capital … simultaneously. The cost advantage of simultaneous changes is small for capital but is large for labour. The empirical results …

greatly reduces bias in the most influential and precise estimates: conservatively accounting for capital taxes paid by the …

This paper estimates the direct effects of investment tax credits on firms' production behavior and the additional … that manufacturing firms increase capital and employment, with labor demand in information and communication technology …

We use the elements of a macroeconomic production function—physical capital, human capital, labor, and technology …, societal norms, and institutions. Religion affects physical capital accumulation by influencing thrift and financial … development. It affects human capital through both religious and secular education. It affects population and labor by influencing …

Differences in wages, employment, and capital between worker-owned and capitalist enterprises are computed from a …, employment, and capital equations largely corroborate the implications of the behavioral models of the two types of enterprise …

covers the period 1993-2005. The estimates indicate that it is advantageous to adjust the stock of labour and capital … simultaneously. The cost advantage of simultaneous changes is small for capital but is large for labour. The empirical results …

statistical aggregation procedure which allows for worker heterogeneity in observables and unobservables and is applicable to an …