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Please use this identifier to cite or link to this item: http://hdl.handle.net/2262/60048

Title: Dynamic factor demands in a changing economy: an Irish application
Author: McQuinn, Kieran
Keywords: Dynamic factors
Irish economy
Supply side economics
Economic growth
Issue Date: 2005
Publisher: Economic & Social Research Institute
Citation: McQuinn, Kieran. 'Dynamic factor demands in a changing economy: an Irish application'. - Economic & Social Review, Vol. 36, No. 2, Summer/Autumn, 2005, pp. 109-126, Dublin: Economic & Social Research Institute
Abstract: In this paper a model of dynamic factor demands is presented for the Irish economy. Total costs, labour and capital are modelled on a two-stage basis. First, a static, long-run cost function is specified which allows for the derivation of expressions for optimal labour and capital demand. This function is assumed to be of the flexible, translog form and thus more general than the generic Cobb-Douglas application. In the second stage, a dynamic cost function is specified which nests the long-run static approach. Growth rates in factor shares are derived from the dynamic approach and the rate of adjustment of input use to factor price changes is examined through the use of short and long-run elasticities.
URI: http://hdl.handle.net/2262/60048
ISSN: 00129984
Appears in Collections:Economic and Social Review Archive: Complete Collection 1969-
The Economic and Social Review, Vol. 36, No. 2, Summer/Autumn, 2005

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