By Marga Peeters
As huge actual capital inventory tasks desire lengthy sessions to be equipped, a time-to-build specification is included in issue call for types. Time-to-build and adjustment charges dynamics are pointed out when you consider that by means of the 1st relocating normal dynamics, while by means of the latter autoregressive dynamics are brought on. Empirical proof for time-to-build is bought from information from the Dutch development and via the estimation consequence from the producing of six OECD countries.
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Additional info for Time-To-Build: Interrelated Investment and Labour Demand Modelling With Applications to Six OECD Countries
3 it follows that cancellations occur more often during the preconstruction period than during the construction period. An even better example of the existence of time-to-build, that is the lagging behind of the 'completed' series in comparison to the 'started' series, is found in Lee (1992, figure 1, page 422), who uses monthly data for the construction of houses in the United States. In his study, where the multi-co integration of the series 'started', 'completed', and the 'housing stock under construction' is investigated, it is calculated that about 2 % of all projects that start in the United States are not finished.
Instrumental estimation methods are in this case needed to estimate the first order conditions, being implicit forms of the demand equations for production factors. Unlike the closed form solutions, these instrumental methods do not incorporate transversality conditions, and consequently are less efficient. The question whether simple specification forms and full information estimation methods are preferred above more realistic specification forms and less efficient methods, or vice versa, seems still not answered in the literature lO .
Section 4 clarifies the difference between construction and delivery lags. Section 5 summarizes studies that are concerned with lead times. Section 6 illustrates the divergences between the calculation of capital stock series by assuming a one period construction, a multi-period construction, and a multi-period delivery lag. In section 7 a summary is made and conclusions are drawn. ~ ... ; <0 I I N . / / / / N N /\ , ,, . \/ \ I': : \ 1\ : \ I : \1 \ .. 2 Construction of lants in tbe Netberlands / " "\ ,, , ,,.....
Time-To-Build: Interrelated Investment and Labour Demand Modelling With Applications to Six OECD Countries by Marga Peeters