Testing production functions used in empirical growth studies
Autor(a) principal: | |
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Data de Publicação: | 2002 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/557 |
Resumo: | We estimate and test two alternative functional forms representing the aggregate production function for a panel of countries: the extended neoclassical growth model, and a mincerian formulation of schooling-returns to skills. Estimation is performed using instrumentalvariable techniques, and both functional forms are confronted using a Box-Cox test, since human capital inputs enter in levels in the mincerian specification and in logs in the extended neoclassical growth model. Our evidence rejects the extended neoclassical growth model in favor of the mincerian specification, with an estimated capital share of about 42%, a marginal return to education of about 7.5% per year, and an estimated productivity growth of about 1.4% per year. Differences in productivity cannot be disregarded as an explanation of why output per worker varies so much across countries: a variance decomposition exercise shows that productivity alone explains 54% of the variation in output per worker across countries. |
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Ferreira, Pedro CavalcantiIssler, João VictorPessôa, Samuel de AbreuEscolas::EPGEFGV2008-05-13T15:26:37Z2010-09-23T18:58:22Z2008-05-13T15:26:37Z2010-09-23T18:58:22Z2002-03-010104-8910http://hdl.handle.net/10438/557We estimate and test two alternative functional forms representing the aggregate production function for a panel of countries: the extended neoclassical growth model, and a mincerian formulation of schooling-returns to skills. Estimation is performed using instrumentalvariable techniques, and both functional forms are confronted using a Box-Cox test, since human capital inputs enter in levels in the mincerian specification and in logs in the extended neoclassical growth model. Our evidence rejects the extended neoclassical growth model in favor of the mincerian specification, with an estimated capital share of about 42%, a marginal return to education of about 7.5% per year, and an estimated productivity growth of about 1.4% per year. Differences in productivity cannot be disregarded as an explanation of why output per worker varies so much across countries: a variance decomposition exercise shows that productivity alone explains 54% of the variation in output per worker across countries.engEscola de Pós-Graduação em Economia da FGVEnsaios Econômicos;441Testing production functions used in empirical growth studiesinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaEconomiaDesenvolvimento econômicoModelos econômicosreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessTHUMBNAIL1287.pdf.jpg1287.pdf.jpgGenerated Thumbnailimage/jpeg4301https://repositorio.fgv.br/bitstreams/2b66b5e1-af26-4759-ad63-ac6b92a4cad5/download94edb3779d7ea957a5ebd104aca14b2dMD58ORIGINAL1287.pdfapplication/pdf399602https://repositorio.fgv.br/bitstreams/175a2fa6-22e3-4846-b080-f5db6db47360/download08c2add71914b0650f72be8064d6882dMD52TEXT1287.pdf.txt1287.pdf.txtExtracted texttext/plain60385https://repositorio.fgv.br/bitstreams/f911bc3f-12b8-4407-9430-cb5dfab735b6/downloadf6ce89056787250cbd656644c117d637MD5710438/5572023-11-09 22:16:44.174open.accessoai:repositorio.fgv.br:10438/557https://repositorio.fgv.brRepositório InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742023-11-09T22:16:44Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)false |
dc.title.eng.fl_str_mv |
Testing production functions used in empirical growth studies |
title |
Testing production functions used in empirical growth studies |
spellingShingle |
Testing production functions used in empirical growth studies Ferreira, Pedro Cavalcanti Economia Economia Desenvolvimento econômico Modelos econômicos |
title_short |
Testing production functions used in empirical growth studies |
title_full |
Testing production functions used in empirical growth studies |
title_fullStr |
Testing production functions used in empirical growth studies |
title_full_unstemmed |
Testing production functions used in empirical growth studies |
title_sort |
Testing production functions used in empirical growth studies |
author |
Ferreira, Pedro Cavalcanti |
author_facet |
Ferreira, Pedro Cavalcanti Issler, João Victor Pessôa, Samuel de Abreu |
author_role |
author |
author2 |
Issler, João Victor Pessôa, Samuel de Abreu |
author2_role |
author author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Ferreira, Pedro Cavalcanti Issler, João Victor Pessôa, Samuel de Abreu |
dc.subject.area.por.fl_str_mv |
Economia |
topic |
Economia Economia Desenvolvimento econômico Modelos econômicos |
dc.subject.bibliodata.por.fl_str_mv |
Economia Desenvolvimento econômico Modelos econômicos |
description |
We estimate and test two alternative functional forms representing the aggregate production function for a panel of countries: the extended neoclassical growth model, and a mincerian formulation of schooling-returns to skills. Estimation is performed using instrumentalvariable techniques, and both functional forms are confronted using a Box-Cox test, since human capital inputs enter in levels in the mincerian specification and in logs in the extended neoclassical growth model. Our evidence rejects the extended neoclassical growth model in favor of the mincerian specification, with an estimated capital share of about 42%, a marginal return to education of about 7.5% per year, and an estimated productivity growth of about 1.4% per year. Differences in productivity cannot be disregarded as an explanation of why output per worker varies so much across countries: a variance decomposition exercise shows that productivity alone explains 54% of the variation in output per worker across countries. |
publishDate |
2002 |
dc.date.issued.fl_str_mv |
2002-03-01 |
dc.date.accessioned.fl_str_mv |
2008-05-13T15:26:37Z 2010-09-23T18:58:22Z |
dc.date.available.fl_str_mv |
2008-05-13T15:26:37Z 2010-09-23T18:58:22Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
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publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/557 |
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0104-8910 |
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0104-8910 |
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http://hdl.handle.net/10438/557 |
dc.language.iso.fl_str_mv |
eng |
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eng |
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Ensaios Econômicos;441 |
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info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
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