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Time-to-build: Large physical capital stock projects need long periods to be built. But also adjustment costs of capital have demonstrated their relevance in the empirical literature. We incorporate both time-to-build and adjustment costs in factor demand models. The time-to-build specification emerges from the business cycle theory from Kydland and Prescott (1982, Econometrica) and allows for the estimation of the length of construction and the distribution of investment during this period. We identify time-to-build and adjustment costs dynamics theoretically and empirically, the first by moving averages and the latter by autoregressive terms. The empirical results show the significance of time-to-build of around three to five quarters on average in six OECD countries.

Bart van der Leck - 1910 -

Uitgaan van de fabriek

This is the front page of the thesis on Time-to-build

Find here the list of theorems (in Dutch: stellingen)

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