Abstract
In this work a dynamic factor model for capacity utilization in industry is estimated. Several measures of capacity utilization, based on the different concepts and procedures (Wharton method, surveys, electricity estimates) are considered and interpreted as indicators of a common latent factor, the capacity utilization. Identification and estimation problems are worked out within the state-space framework. Some attention is given to the computation of the likelihood estimates. Some preliminary results are presented relative to the Italian manufacturing industry for the period 1978-1988.
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