English, Article, Journal or magazine article edition: The Demand for Labour and the Lucas Critique. Evidence from Norwegian Manufacturing Pål Boug

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Bookmark: http://trove.nla.gov.au/version/41355
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The Demand for Labour and the Lucas Critique. Evidence from Norwegian Manufacturing
Author
  • Pål Boug
Physical Description
  • preprint
Notes
  • This paper uses neoclassical theory as a foundation for modelling labour demand in Norwegian manufacturing. Applying the Johansen (1988,1991) methodology, we obtain a single cointegrating vector between employment, production, relative factor prices, total factor productivity and the stock of real capital. Normalised on employment, the estimated long run elasticities are 1.37 (production), 0.32 (relative factor prices), 0.57 (total factor productivity) and 1.00 (the stock of real capital). Next, we develop a conditional labour demand model that exhibits parameter constancy. In addition to equilibrium correction effects, we find contemporaneous effects of production and relative factor prices. We cannot reject super exogeneity to be present in our labour demand equation. Hence, the evidence on labour demand in Norwegian manufacturing does not lend support to the Lucas critique.
  • Labour demand; cointegration; conditioning; equilibrium correction model; parameter constancy; exogeneity; Lucas critique.
  • RePEc:ssb:dispap:256
Language
  • English
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