Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/303795 
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Erscheinungsjahr: 
2022
Quellenangabe: 
[Journal:] Cogent Economics & Finance [ISSN:] 2332-2039 [Volume:] 10 [Issue:] 1 [Article No.:] 2122191 [Year:] 2022 [Pages:] 1-13
Verlag: 
Taylor & Francis, Abingdon
Zusammenfassung: 
This study investigated temporal changes in factor adjustment of the Japanese manufacturing industry by applying a dynamic factor model, in which labor and capital were quasi-fixed to a panel of industries from 1972 to 2012. Estimations show that the adjustment speeds, with which factors approach their optimum levels, have increased over the period. Particularly, factor adjustment rates have significantly increased since 2000. The estimations suggest that Japanese manufacturers have become more flexible in hiring workers and faster in making investments, which reduces adjustment cost significantly. This dynamic gain is ignored from static analysis, underestimating the benefit of labor market reform. The study suggests that policymakers should consider dynamic factor adjustment in assessing policy impacts accurately when implementing an industrial policy.
Schlagwörter: 
adjustment costs
dynamic duality
production
Japanese manufacturing
JEL: 
C61
D20
J23
L60
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