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The Supply of Labour
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adjustment aggregate analysis approach assets assumed assumption behaviour biased capital stock cent changes Cobb-Douglas coefficients commodity consider consumer consumption function cost demand for money demand function dependent variable determined discouraged-worker discussed distributed lag durables Durbin-Watson statistic econometric Econometrica effect empirical endogenous equal equation equilibrium level error term example expected value expenditure exports F-distribution factor firm forecast Friedman hence hypothesis implies important increase industries inputs interest elasticity interest rate inventory investment Jorgenson Journal Keynesian labour force labour-force participation least-squares estimates level of stocks linear macroeconomic money stock observations obtain ordinary least squares output parameters partial-adjustment participation rates period permanent income predict problem procedure production function random variable rate of interest ratio regression relationship relative returns to scale Review of Economic serial correlation statistical stockbuilding structural studies supply functions Table theoretical theory tion trade unbiased unemployment United Kingdom variance wealth zero