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dc.contributor.authorMüller, Christianen_US
dc.contributor.authorKöberl, Evaen_US
dc.date.accessioned2011-10-06T15:41:04Z-
dc.date.available2011-10-06T15:41:04Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/50395-
dc.description.abstractIn this paper we measure the speed at which firms adjust to demand shocks using individual firm data. Identification of shocks is achieved by a combination of quantitative and qualitative judgments on capacity utilisation in micro survey data. A novel feature of our approach is the distinction between positive and negative shocks that allows us to also discriminate between the speed of adjustment following either kind of shock. Furthermore, there is no need for using previous data filtering to extract business cycles or equilibrium definitions but only to observe the states of the firms that define their economic situation. One main result is that the firms' adjustment to these two shocks is varying in speed. It should therefore be paid regard to the separation of positive and negative shocks in empirical and theoretical models. The findings of this paper bear implications for monetary policy making and model building alike.en_US
dc.language.isoengen_US
dc.publisherKOF Zürichen_US
dc.relation.ispartofseriesKOF working papers // Konjunkturforschungsstelle, Eidgenössische Technische Hochschule Zürich 170en_US
dc.subject.jelE32en_US
dc.subject.jelC4en_US
dc.subject.jelC5en_US
dc.subject.ddc330en_US
dc.subject.keyworddemand shocken_US
dc.subject.keywordMarkov-chainen_US
dc.subject.keywordmicrofoundationen_US
dc.subject.stwGesamtwirtschaftliche Nachfrageen_US
dc.subject.stwSchocken_US
dc.subject.stwWirtschaftliche Anpassungen_US
dc.subject.stwVerarbeitendes Gewerbeen_US
dc.subject.stwMarkovscher Prozessen_US
dc.subject.stwSchweizen_US
dc.titleThe speed of adjustment to demand shocks: A Markov-chain measurement using micro panel dataen_US
dc.typeWorking Paperen_US
dc.identifier.ppn583153607en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:KOF Working Papers, KOF Konjunkturforschungsstelle, ETH Zürich

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