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Production and employment in the BOF4 quarterly model of the Finnish economy

Author

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  • Tarkka, Juha
  • Willman, Alpo
  • Rasi, Chris-Marie

Abstract

This paper contains a description of the production and labour demand sections of the BOF4 model. CES value added production functions are developed and estimated for the five sectors of the economy. From these the marginal product of labour and capital functions are derived which are important factors in determining investments and the prices of gross outputs in each of the sectors. The demand for labour hours is defined as a gradual adjustment process towards the level determined by the inverted production' functions. An input-output model is used to determine output and value-added deflators by sectors as well as the prices of the different demand components.

Suggested Citation

  • Tarkka, Juha & Willman, Alpo & Rasi, Chris-Marie, 1988. "Production and employment in the BOF4 quarterly model of the Finnish economy," Bank of Finland Research Discussion Papers 14/1988, Bank of Finland.
    • Handle: RePEc:zbw:bofrdp:rdp1988_014
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    File URL: https://www.econstor.eu/bitstream/10419/211517/1/bof-rdp1988-014.pdf
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    Cited by:

    1. Tarkka, Juha & Männistö, Hanna-Leena & Willman, Alpo, 1990. "Macroeconomic foundations and simulation properties of the BOF4 quarterly model of the Finnish economy," Bank of Finland Research Discussion Papers 2/1990, Bank of Finland.
    2. Tarkka, Juha & Willman, Alpo & Männistö, Hanna-Leena, 1989. "Consumption and investment in the BOF4 quarterly model of the Finnish economy," Bank of Finland Research Discussion Papers 9/1989, Bank of Finland.

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