Inventories, employment and hours

Arbeitspapier

The purpose of this paper is to develop a model that integrates inventory and labor decisions We extend a model of inventory behavior to include a detailed specification of the role of labor input in the production process and of the costs associated with it In particular we distinguish between employment hours and effort per worker and allow for adjustment costs associated with employment changes We assume that the requirement function for effective hours has a general trans-logarithmic form and derive an estimable system of Euler equations for inventories and employment with implied cross-equation restrictions The econometric results shed light on several important topics including the shape of the marginal cost of output and the role of labor hoarding as an explanation of procyclical productivity and the persistence of inventory stocks Moreover they raise questions about the adequacy of commonly used specifications such as Cobb-Douglas approximations to the production process and the definition of labor input as the product of employment and effective hours worked per worker

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Working Paper ; No. 473

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity ; Macroeconomics: Production ; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity ; Labor Demand ; Human Capital; Skills; Occupational Choice; Labor Productivity ; Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
• Thema: Inventories ; Employment ; Hours ; Effort ; Labor Adjustment Costs ; Pro-cyclical Productivity ; Lagermanagement ; Arbeitsnachfrage ; Anpassungskosten ; Lagerzyklus ; Theorie

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Galeotti, Marzio ; Maccini, Louis J. ; Schiantarelli, Fabio
• Ereignis: Veröffentlichung
• (wer): The Johns Hopkins University, Department of Economics
• (wo): Baltimore, MD
• (wann): 2002

Weitere Informationen

• Handle: http://hdl.handle.net/10419/71976
• Letzte Aktualisierung: 10.03.2025, 11:41 MEZ