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  • Articles  (23)
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  • Springer  (23)
  • National Academy of Sciences
  • 1995-1999  (23)
  • 1975-1979
  • Economics  (23)
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  • Articles  (23)
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  • Springer  (23)
  • National Academy of Sciences
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  • Economics  (23)
  • 1
    Electronic Resource
    Electronic Resource
    Seasonality and stochastic trends in German consumption and income, 1960.1–1987.4 (1995)
    Springer
    Empirical economics 20 (1995), S. 109-132 
    Details
    ISSN: 1435-8921
    Keywords: C22 ; C32
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The quarterly time series of German consumption and income are analyzed with respect to seasonality and stochastic trends. It emerges that both variables can be appropriately described by a periodically integrated autoregression. An implication is that the stochastic trend and the seasonal fluctuations are not independent for each of the univariate series. In order to test for cointegration across the two series, we propose several methods which take account of the relationship between seasons and trends in the univariate series. Some of these methods boil down to extracting the stochastic trend from the univariate series in a first step and to relating these trends using cointegration techniques in a second step. Another method is an extension of the Johansen cointegration testing approach to periodic vector autoregressions. Monte Carlo simulations are used to evaluate the empirical performance of the various methods. The main empirical result is that only in the first quarter there seems to be cointegration between German consumption and income.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01235160
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  • 2
    Electronic Resource
    Electronic Resource
    Finnish GNP-series 1954/I–1990/IV: Small shock persistance or trend stationarity? Some evidence with variance ratio estimates (1995)
    Springer
    Empirical economics 20 (1995), S. 333-349 
    Details
    ISSN: 1435-8921
    Keywords: C22 ; C14 ; E32
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The “shock persistance” of Finnish adjusted quarterly real GNP series in logarithms from 1954/QI to 1990/QIV is analyzed using variance ratio estimators. The results indicate that the random walk component of the series is not big. The small sample properties of variance ratio estimators are studied using empirical distribution derived from simulations. The persistence measures calculated via the ARIMA modelling of the lnGNPt series are biased upwards. The sampling properties show that the simple random walk model is not an alternative model for the lnGNP. A trend stationary alternative, an AR(2) process, gives almost the same “shock persistence” measures as the assumed unit root processes.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01205443
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  • 3
    Electronic Resource
    Electronic Resource
    On the forecastability of share prices on the Viennese stock exchange (1995)
    Springer
    Empirical economics 20 (1995), S. 415-433 
    Details
    ISSN: 1435-8921
    Keywords: Random Walk Hypothesis ; Forecasting ; ARMA ; GARCH ; BDS ; Viennese stock exchange ; S&P 500 ; C22 ; C52 ; Q14
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In this paper the Viennese stock exchange data are analysed by using ARMA and GARCH technology. After using AIC and BIC for estimating the linear structure of the time series, to the resulting innovations a GARCH(1,1) model is fit. The resulting residuals are then tested for serial independence and constancy of its distribution to check whether the models are reasonable. Main result is that the residuals of this ARMA-GARCH(1,1)-model are reasonably iid (which is checked by BDS and classical independence tests) for index data and significantly less well-behaved for stock data. Second, there is considerable autocorrelation in the data (especially in the Viennese indices WBK and ATX) which can be exploited even with 1.25% transaction costs (which is checked by a posteriori analysis of a strategy which exploits an underlying time-varying AR(1) model), however, much higher profit can be made with 0.5% transaction costs. Furthermore, the same techniques are applied to US Standard & Poor 500 index and the results for both data sets are compared giving the result that the US-market looks much more “mature” than the Viennese one.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01180674
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  • 4
    Electronic Resource
    Electronic Resource
    A reexamination of the Nelson-Plosser data set using recursive and sequential tests (1995)
    Springer
    Empirical economics 20 (1995), S. 501-518 
    Details
    ISSN: 1435-8921
    Keywords: Trend breaks ; recursive tests ; rolling tests ; sequential tests ; unit root ; C12 ; C22
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The present paper applies to the Nelson-Plosser data set the recursive, rolling, and sequential tests proposed by Banerjee, Lumsdaine and Stock (1992) for unit roots in the presence of mean or trend breaks. Unlike Perron's method, these three types of test endogenize the break point in the mean or trend and thus are more appealing in empirical studies. The (reverse) recursive test indicates rejection of the unit root null in industrial production and unemployment rate. The sequential test indicates that nominal GNP and common stock prices are stationary with a break in the mean.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01180679
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  • 5
    Electronic Resource
    Electronic Resource
    New tests for stationarity and parity reversion: Evidence on New Zealand real exchange rates (1995)
    Springer
    Empirical economics 20 (1995), S. 599-613 
    Details
    ISSN: 1435-8921
    Keywords: Fractionally integrated models ; purchasing power parity ; stationarity tests ; unit roots ; C22 ; F31
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The present paper discusses the stochastic stationarity of New Zealand exchange rates in light of new time series methods and new tests. The question of whether the real exchange rates have a unit root or are mean reverting is set in the general framework of fractionally integrated models. The estimates sustain the claim that New Zealand real exchange series are not stationary. However, it is shown that nonstationarity is compatible with parity reversion in the framework of fractional unit-root models.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01206059
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  • 6
    Electronic Resource
    Electronic Resource
    Modelling nonlinearity in U.S. Gross national product 1889–1987 (1995)
    Springer
    Empirical economics 20 (1995), S. 577-597 
    Details
    ISSN: 1435-8921
    Keywords: Linearity testing ; nonlinear time series ; smooth transition autoregressive model ; structural change ; univariate time series ; C22 ; E32 ; E37
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper considers modelling the annual logarithmed per capita gross national product of the United States in 1889–1987. Some authors have suggested that the parameters of the process generating the data have changed over time but formal parameter constancy tests do not support this argument. The series turns out to be nonlinear and can be adequately characterized by an exponential smooth transition autoregressive model. For comparison, a detrended series is also considered, found nonlinear and modelled using a logistic smooth transition autoregressive model. The behaviour of the estimated models is discussed, and it is seen that nonlinearity is needed to describe the response of the process to exceptionally large exogenous shocks. The properties of the models are further investigated by forecasting several years ahead, and the forecasts are compared with those from other linear and nonlinear models.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01206058
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  • 7
    Electronic Resource
    Electronic Resource
    Nerlovian area response as an error correction model: An application to Western Canadian agriculture (1996)
    Springer
    Empirical economics 21 (1996), S. 501-512 
    Details
    ISSN: 1435-8921
    Keywords: Q11 ; C22
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The relationship between Nerlovian partial adjustment models and error correction models is explored. Unit root tests are employed to test stationarity of price, area and stock data of crops in the Canadian province of Saskatchewan. The data are found to be consistent with unit root non-stationarity. Evidence in favour of cointegrating relationships among area price and stock data is found. However, evidence in favour of the error correction form of the Nerlovian partial adjustment model is weak, indicating that more investigation of richer theoretical and empirical models of the short run dynamics of area response in Saskatchewan is needed.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01180698
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  • 8
    Electronic Resource
    Electronic Resource
    Unemployment hysteresis - macro evidence from 16 OECD countries (1996)
    Springer
    Empirical economics 21 (1996), S. 589-600 
    Details
    ISSN: 1435-8921
    Keywords: Hysteresis ; unemployment ; unit root ; C22 ; E24
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper investigates empirically the presence ofunemployment hysteresis in 16 OECD countries, applying aggregate quarterly unemployment rates covering the past 25 years. Alternative test procedures are discussed and employed, posing both stationarity and hysteresis as null hypotheses. The results suggest that hysteresis effects are highly significant in Australia and Canada, and to a lesser extent also significant in most European countries and in Japan. Only in the USA, the presence of unemployment hysteresis is strongly and consistently rejected.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01180703
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  • 9
    Electronic Resource
    Electronic Resource
    Stability of the demand for M1 and harmonized M3 in Finland (1998)
    Springer
    Empirical economics 23 (1998), S. 317-337 
    Details
    ISSN: 1435-8921
    Keywords: Money-in-the-utility-function model ; structural breaks ; demand for money ; narrow money ; harmonized M3 ; C22 ; C52 ; E41
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We derive a theoretical model for the demand for money using the adjustment cost augmented money-in-the-utility-function approach. The steady-state-utility function-parameters of the model of narrow money (M1) estimated with cointegration techniques are stable over the foreign exchange rate regime shift; whereas in the model of harmonized M3 (M3H) they arenot stable. The theoretical model fits the M1 data. The adjustment cost parameters of the M1 model describing the dynamics of the demand for money might indicate technological improvements in banking and payments during the sample period. These results suggest that from the Finnish point of view M1 would be a more appropriate intermediate target for monetary policy than harmonized M3.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01294410
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  • 10
    Electronic Resource
    Electronic Resource
    Money demand stability: Evidence from Spain (1998)
    Springer
    Empirical economics 23 (1998), S. 387-400 
    Details
    ISSN: 1435-8921
    Keywords: Key words: Money demand ; cointegration ; stability ; regime shift ; JEL classification: E41 ; C22
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract. Using several tests for structural stability in regressions with I(1) variables and for the existence of cointegration in models with regime shifts, the empirical evidence on the existence of a structural break in the Spanish long-run demand for broad money (ALP2) is analysed.  The results indicate that shifts affecting the demand for ALP2 in recent years have substantially altered its long-run properties. As to the cause of this structural break, emphasis is placed on the role played by the increasing openness of the Spanish financial system to international markets as obstacles to free capital movements have progressively disappeared.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001810050027
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  • 11
    Electronic Resource
    Electronic Resource
    Testing for structural change in the dynamic adjustment model with autoregressive errors (1999)
    Springer
    Empirical economics 24 (1999), S. 61-76 
    Details
    ISSN: 1435-8921
    Keywords: Key words: Autocorrelation ; Dynamic cusum ; Structural change ; JEL classifications: C12 ; C22
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract. The dynamic CUSUM test for structural change proposed by Krämer, Ploberger and Alt (1988) is investigated when the errors are serially correlated in a linear dynamic model. We show that the dynamic CUSUM test can be modified to allow for serial correlation in the disturbance using the same procedure as in Kao and Ross (1995), and that the modified dynamic CUSUM test retains its asymptotic significance levels. Monte Carlo results suggest that the empirical size of the dynamic CUSUM test is highly distorted while the empirical size of the modified dynamic CUSUM test is fairly robust to the change on the degree of autocorrelation. We also find that the power of the modified test essentially depends on the angle between the mean regressors and the structural shift.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/s001810050044
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  • 12
    Electronic Resource
    Electronic Resource
    Provision of health care services in Austria (1996)
    Springer
    Empirica 23 (1996), S. 191-206 
    Details
    ISSN: 1573-6911
    Keywords: Time series analysis ; stationarity ; forecast ; health care services ; C22 ; I10
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract It is the aim of this paper to investigate three important variables of the health care system in Austria, that is the number of physicians working in the ambulatory sector, the number of medical services provided by the physicians and the related costs, by applying time series analysis to the quantities under consideration. The work analyzes stationarity, autocorrelation functions, presents unit root tests and calculates the Beveridge Nelson decomposition for an ARIMA(1,1,0)-model. The obtained findings are used to forecast future trends based on past values.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF00925339
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  • 13
    Electronic Resource
    Electronic Resource
    A random coefficient model of speculative attacks: The case of the Mexican peso (1996)
    Springer
    Open economies review 7 (1996), S. 553-571 
    Details
    ISSN: 1573-708X
    Keywords: Random Coefficient Models ; Forecasting ; Speculative Attacks ; C22 ; C51 ; F31 ; F33
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract A considerable body of theoretical and empirical literature has developed seeking to explain the timing, magnitude, and mechanics of speculative attacks against currencies. This paper extends the empirical specification of the traditional speculative attack model by developing a random coefficient (RC) model which, as we show, encompasses a variety of fixed-coefficient models as special cases. Two classes of models (fixed- and random-coefficient models) are estimated for the case of Mexican peso over the period January 1988 to Novemeber 1994, while forecasts of the peso/U.S. dollar exchange rate are generated for the period December 1994 through December 1995. The comparison of forecast errors generated by five model specifications indicates that forecasts based on the RC procedures are superior to those based on the fixed-coefficient estimation. It is also shown that there are good theoretical reasons why the RC procedure performs better in prediction than the fixed-coefficient procedure.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01886213
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  • 14
    Electronic Resource
    Electronic Resource
    Forecasting nonlinear economic time series: A simple test to accompany the nearest neighbor approach (1995)
    Springer
    Empirical economics 20 (1995), S. 243-263 
    Details
    ISSN: 1435-8921
    Keywords: Forecasting nonlinear time series ; detection of low-dimensional chaos in time series ; phase space embedding, nearest neighbor prediction ; evaluation of out-of-sample forecasts by means of nonparametric testing ; agricultural price series ; C14 ; C22
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper is based on a recent nonparametric forecasting approach by Sugihara, Grenfell and May (1990) to improve the short term prediction of nonlinear chaotic processes. The idea underlying their forecasting algorithm is as follows: For a nonlinear low-dimensional process, a state space reconstruction of the observed time series exhibits “spatial” correlation, which can be exploited to improveshort term forecasts by means of locally linear approximations. Still, the important question of evaluating the forecast perfomance is very much an open one, if the researcher is confronted with data that are additionally disturbed by stochastic noise. To account for this problem, a simple nonparametric test to accompany the algorithm is suggested here. To demonstrate its practical use, the methodology is applied to observed price series from commodity markets. It can be shown that the short term predictability of the best fitting linear model can be improved upon significantly by this method.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01205437
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  • 15
    Electronic Resource
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    Monetary and real shocks in a monetary Union: The Swiss case (1995)
    Springer
    Empirical economics 20 (1995), S. 635-649 
    Details
    ISSN: 1435-8921
    Keywords: E42 ; C22 ; F33
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We analyze to what extent real and monetary shocks affect price levels and real exchange rates in seven Swiss regions. A structural time series model is set up and estimated using the Kalman filter under two assumptions on the persistence of monetary shocks. We find that the variability of changes in price levels is mainly due to real shocks. The variance of monetary shocks is small but the monetary component of inflation differences across regions differs from zero with some persistence. As the Swiss case shows this does not seem to be a major obstacle to forming a monetary union.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01206061
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  • 16
    Electronic Resource
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    Quarterly US unemployment: Cycles, seasons and asymmetries (1995)
    Springer
    Empirical economics 20 (1995), S. 717-725 
    Details
    ISSN: 1435-8921
    Keywords: C22 ; E24
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This paper documents three stylized facts for the quarterly unemployment rate in the United States. Firstly, unemployment is asymmetric over the business cycle, i.e. it rises sharply in recessions and it falls slowly in expansions. Secondly, its seasonal fluctuations are not constant across the two business cycle stages in the sense that there is less seasonality in recession periods. Thirdly, the effect of shocks to the unemployment rate in expansions seem transitory, while this effect is permanent in recessions. Some implications of these stylized facts for empirical macroeconomics and seasonal adjustment are discussed.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01206066
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  • 17
    Electronic Resource
    Electronic Resource
    Residential energy demand analysis: An empirical application of the closure test principle (1996)
    Springer
    Empirical economics 21 (1996), S. 203-220 
    Details
    ISSN: 1435-8921
    Keywords: C12 ; C22 ; C52 ; Q41 ; R22
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract In this paper a set of ten different single-equation models of residential energy demand is being analyzed, derived by the imposition of linear parameter restrictions on a fairly general autoregressive distributed lag (ADL) model. Residential energy consumption is assumed to be explainable by households' real disposable income, movements in the real price of energy, and the temperature variable ‘heating degree days’. In the empirical application, Austrian annual data for the period 1970 to 1992 are used. The main focus of the paper is on the control of the overall significance level of the tests based on the application of the closure test principle, introduced by Marcus, Peritz, and Gabriel (1976). The application illustrates nicely how one can, by defining a closed system of hypotheses, control the significance level α in supporting the search for a suitable specific model. The wide range of estimated elasticities, however, indicates that the estimation results depend strongly on the choice of the model specification.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01175970
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  • 18
    Electronic Resource
    Electronic Resource
    Fractional integration with drift: estimation in small samples (1997)
    Springer
    Empirical economics 22 (1997), S. 103-116 
    Details
    ISSN: 1435-8921
    Keywords: C13 ; C15 ; C22 ; C51
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract We examine the finite-sample behavior of estimators of the order of integration in a fractionally integrated time-series model. In particular, we compare exact time-domain likelihood estimation to frequency-domain approximate likelihood estimation. We show that over-differencing is of critical importance for time-domain maximum-likelihood estimation in finite samples. Overdifferencing moves the differencing parameter (in the over-differenced model) away from the boundary of the parameter space, while at the same time obviating the need to estimate the drift parameter. The two estimators that we compare are asymptotically equivalent. In small samples, however, the time-domain estimator has smaller mean squared error than the frequency-domain estimator. Although the frequency-domain estimator has larger bias than the time-domain estimator for some regions of the parameter bias, it can also have smaller bias. We use a simulation procedure which exploits the approximate linearity of the bias function to reduce the bias in the time-domain estimator.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01188172
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  • 19
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    Seasonal cointegration analysis of German consumption function (1997)
    Springer
    Empirical economics 22 (1997), S. 205-231 
    Details
    ISSN: 1435-8921
    Keywords: Seasonal Cointegration ; Vector Autoregression ; Consumption Function ; C22 ; C32 ; E21
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The main purpose of this paper is to investigate the West-German consumption process depending on wealth and income with seasonal cointegration techniques using the framework of vector autoregressive models to capture the seasonal pattern of the series. The vector autoregressive models are the basis of a dynamic analysis by impulse response functions where the asymptotic distributions of the estimators are given. In the empirical part of the paper evidence is found for seasonal and nonseasonal cointegration relations among the variables. The response functions of consumption and income show a strong influence of wealth innovations. Moreover, income and consumption reactions present outstanding seasonal pattern.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01205356
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  • 20
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    The stability of german money demand: Not just a myth (1998)
    Springer
    Empirical economics 23 (1998), S. 355-370 
    Details
    ISSN: 1435-8921
    Keywords: Money demand ; stability tests ; financial innovations ; C22 ; C51 ; C52
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract The stability of German money demand has been analyzed in a series of papers in recent years, especially since unification. In this paper the critical question of stability is reviewed, using various estimation techniques and testing procedures for long-run stability. To take financial innovations into account, the opportunity cost measure is calculated by differentiating between traditional savings deposits and special savings facilities, which are a major form of financial innovation in Germany. Overall, there are strong indications of a stable long-run money-demand relationship.
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    URL: http://dx.doi.org/10.1007/BF01294412
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  • 21
    Electronic Resource
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    Money demand stability: Evidence from Spain (1998)
    Springer
    Empirical economics 23 (1998), S. 387-400 
    Details
    ISSN: 1435-8921
    Keywords: Money demand ; cointegration ; stability ; regime shift ; E41 ; C22
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Using several tests for structural stability in regressions with I(1) variables and for the existence of cointegration in models with regime shifts, the empirical evidence on the existence of a structural break in the Spanish long-run demand for broad money (ALP2) is analysed. The results indicate that shifts affecting the demand for ALP2 in recent years have substantially altered its long-run properties. As to the cause of this structural break, emphasis is placed on the role played by the increasing openness of the Spanish financial system to international markets as obstacles to free capital movements have progressively disappeared.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01294414
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  • 22
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    The demand for broad money in Norway, 1969–1993 (1998)
    Springer
    Empirical economics 23 (1998), S. 339-354 
    Details
    ISSN: 1435-8921
    Keywords: Money demand ; price/wage formation ; cointegration ; dynamic specification ; conditional models ; error correction ; C22 ; C32 ; E31 ; E41
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract Cointegration analysis is applied to investigate the long run relationships between money, prices, and wages in Norway. Broad money is determined endogenously, and monetary balances were exposed to large shocks during the period of financial deregulation in the midst of the 1980s. In the long run these shocks are absorbed, and a long run demand for money relationship is identified in which real money is determined by real income, the relative price on financial assets (the yield spread) and the relative price on goods (the own real interest rate). Money adjusts dynamically to changes in the exchange rate and private wealth. Domestic price inflation is affected by improted inflation including currency depreciation (a pass through effect), domestic cost pressure (unit labour costs), and excess demand in the product market (output gap effect).
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF01294411
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  • 23
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    Modeling Mexican agricultural production (1999)
    Springer
    Empirical economics 24 (1999), S. 509-528 
    Details
    ISSN: 1435-8921
    Keywords: Key words: Functional form ; profit function ; specification tests ; time series ; JEL classifications: Q11 ; C22
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract. Results of time series tests (including unit root and deterministic and stochastic cointegration tests) imply that a mixture of differenced and cointegrated model specifications are warranted for econometric models of Mexican agricultural supplies and input demands. Test results are sensitive to choice of functional form and the set of regressors. For example, share equations should be estimated using differenced data, but output supply and input demand equations generally should not. Generalized Leontief and quadratic functional forms are preferred over the translog. Symmetry and curvature of a restricted profit function are rejected. Short-run output supplies and input demands are generally inelastic.
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    URL: http://dx.doi.org/10.1007/s001810050069
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