Palm, Franz C.; Peeters, Marga; Pfann, Gerard A. - Volkswirtschaftliche Fakultät, … - 1993
Lucas' (1967) adjustment costs model and Kydland and Prescott's (1982) time-to-build model induce mutually exclusive time-series properties that can be recovered from data. This paper investigates three variants of a theoretical model which give insight into the parameter restrictions implied by...