Inventories, employment and hours

• 成果类型: Article
• 署名作者: Galeotti, M; Maccini, LJ; Schiantarelli, F
• 署名单位: Johns Hopkins University; University of Milan; Boston College; IZA Institute Labor Economics
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2004.08.005
• 发表日期: 2005
• 页码: 575-600
• 关键词: inventories; EMPLOYMENT; Hours; Effort; labor adjustment costs; pro-cyclical productivity

摘要

This paper develops 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, distinguishing between employment, hours and effort per worker. We estimate jointly the Euler equations for inventories and employment, a labor compensation schedule, and an hours requirement function with the cross-equation restrictions imposed. The econometric results shed light on several important topics, including the shape of the marginal cost of output, the role of labor hoarding as an explanation of pro-cyclical productivity, and the persistence of inventory stocks. (c) 2005 Elsevier B.V. All rights reserved.