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The Dynamic Demand for Capital and Labor
Abstract
A model of the dynamically interrelated demand for capital and labor is specified and estimated. The estimates are of the first-order conditions of the firm's problem rather than of the closed-form decision rules. This use of the first-order conditions allows a random rate of return and a flexible specification of the technology. The estimates do not imply the very slow rates of adjustment displayed in other, related estimates of the demand for capital. Because adjustment is estimated to be rapid, there is, contrary to the standard view, scope for factor prices to affect investment at relatively high frequencies.
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Citations
Cited by
Production frontiers with cross-sectional and time-series variation in efficiency levels
Cornwell, C., Schmidt, P., & Sickles, R. C. (1990) · Journal of Econometrics · doi:10.1016/0304-4076(90)90054-w · Cited by 1,153
Production‐Based Asset Pricing and the Link Between Stock Returns and Economic Fluctuations
COCHRANE, J. H. (1991) · The Journal of Finance · doi:10.1111/j.1540-6261.1991.tb03750.x · Cited by 1,123
Dynamic Investment Models and the Firm's Financial Policy
Bond, S., & Meghir, C. (1994) · The Review of Economic Studies · doi:10.2307/2297978 · Cited by 979
Wages and Human Capital in the U.S. Finance Industry: 1909–2006*
Philippon, T., & Reshef, A. (2012) · The Quarterly Journal of Economics · doi:10.1093/qje/qjs030 · Cited by 521
Chapter 16 The cyclical behavior of prices and costs
Rotemberg, J. J., & Woodford, M. (1999) · Handbook of Macroeconomics · doi:10.1016/s1574-0048(99)10024-7 · Cited by 313
Metadata
- Authors
- Shapiro, M. D.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 1986-08
- Volume
- 101
- Issue
- 3
- Pages
- 513
- ISSN
- 0033-5533 (ISSN-L)
- OpenAlex
- W2058747356
- Cited by
- 346
- References
- 0
- FWCI
- 15.14
- Type
- journal article
- Language
- en
- Open access
- closed
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- Shapiro, M. D. (1986). The Dynamic Demand for Capital and Labor. The Quarterly Journal of Economics. https://doi.org/10.2307/1885695
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
