optimal in an unconstrained environment. The study of dynamic adjustment therefore offers a direct way of verifying the … adjustment of constrained and unconstrained firms using categorical information from survey data on the restrictions under which … adjustment takes place. A set of moment conditions for the use in GMM estimation is developed, to cope with the problem of time …

the adjustment of these changes. Moreever, the paper makes proposals to future questionnaires and demonstrates new … the extensive retrospective adjustment of these critical changes. …