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dc.contributor.authorMüller, Christianen
dc.contributor.authorKöberl, Evaen
dc.date.accessioned2011-10-06T15:41:04Z-
dc.date.available2011-10-06T15:41:04Z-
dc.date.issued2007-
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
dc.language.isoengen
dc.publisher|aETH Zurich, KOF Swiss Economic Institute |cZurichen
dc.relation.ispartofseries|aKOF Working Papers |x170en
dc.subject.jelE32en
dc.subject.jelC4en
dc.subject.jelC5en
dc.subject.ddc330en
dc.subject.keyworddemand shocken
dc.subject.keywordMarkov-chainen
dc.subject.keywordmicrofoundationen
dc.subject.stwGesamtwirtschaftliche Nachfrageen
dc.subject.stwSchocken
dc.subject.stwWirtschaftliche Anpassungen
dc.subject.stwVerarbeitendes Gewerbeen
dc.subject.stwMarkovscher Prozessen
dc.subject.stwSchweizen
dc.titleThe speed of adjustment to demand shocks: A Markov-chain measurement using micro panel data-
dc.typeWorking Paperen
dc.identifier.ppn583153607en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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