, investment, and the production technology. A three-step decision structure is assumed, with short-run adjustment of output …, medium-run adjustment of employment, and long-run adjustment of the capital stock and capital-labour substitution. Special … attention is paid to dynamic inefficiencies like underutilizations of the capital stock and labour hoarding. Market …

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 …

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 …

A method is proposed to measure capital services in production. This means that productive assets are weighted … accounts and other sources. The results show that, in the observation period between 1991 and 2010, enterprises' capital … services expand faster than the offcially published capital stock. For the economy as a whole, this applies only to phases of …

A method is proposed to measure capital services in production. This means that productive assets are weighted … accounts and other sources. The results show that, in the observation period between 1991 and 2010, enterprises' capital … services expand faster than the offcially published capital stock. For the economy as a whole, this applies only to phases of …

In contrast to earlier field studies, we survey German public savings banks on their management of capital. We find … that the most important determinants of the savings banks? target capital ratio are risk aversion, the desired credit … growth and profitability. Savings banks prefer to manage the level of capital rather than the level of riskweighted assets in …