IDEAS home Printed from https://ideas.repec.org/a/ret/ecocri/rec12_02.html
   My bibliography  Save this article

La función de producción de Cobb-Douglas y la economía española

Author

Listed:
  • José Francisco Bellod Redondo

    (Universidad Politécnica de Cartagena)

Abstract

En este trabajo analizamos el uso creciente del concepto función de producción Cobb - Douglas, basado en la obra de Solow, en trabajos aplicados a la economía española, relacionados con la determinación de la posición cíclica y la contribución de los factores productivos al crecimiento. A tal efecto realizamos una serie de contrastes econométricos para el periodo 1960 – 2010 que demuestran claramente que la función Cobb – Douglas no refleja la conexión entre producción y factores productivos (no existe tal función de producción agregada para ese periodo), y que su uso combinado con la Nairu distorsiona el análisis de la actividad económica española y, en particular, de la posición cíclica de la economía.

Suggested Citation

  • José Francisco Bellod Redondo, 2011. "La función de producción de Cobb-Douglas y la economía española," Revista de Economía Crítica, Asociación de Economía Crítica, vol. 12, pages 9-38.
    • Handle: RePEc:ret:ecocri:rec12_02
    as

    Download full text from publisher

    File URL: https://revistaeconomiacritica.org/index.php/rec/article/view/543/522
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Cécile Denis & Kieran Mc Morrow & Werner Röger, 2002. "Production function approach to calculating potential growth and output gaps - estimates for the EU Member States and the US," European Economy - Economic Papers 2008 - 2015 176, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    2. repec:bde:joures:v:01:y:2007:p:02 is not listed on IDEAS
    3. Jesus Felipe & F. Gerard Adams, 2005. ""A Theory of Production" The Estimation of the Cobb-Douglas Function: A Retrospective View," Eastern Economic Journal, Eastern Economic Association, vol. 31(3), pages 427-445, Summer.
    4. Mario Izquierdo & Javier Jareño, 2007. "Estimaciones del crecimiento potencial de la economía española," Boletín Económico, Banco de España, issue JAN, pages 73-80, Enero.
    5. Simón Sosvilla-Rivero & Javier Alonso Meseguer, 2005. "Estimación de una función de producción MRW para la economía española, 1910-1995," Investigaciones Economicas, Fundación SEPI, vol. 29(3), pages 609-624, September.
    6. Cécile Denis & Daniel Grenouilleau & Kieran Mc Morrow & Werner Röger, 2006. "Calculating potential growth rates and output gaps - A revised production function approach," European Economy - Economic Papers 2008 - 2015 247, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    7. Fisher, Franklin M, 1969. "The Existence of Aggregate Production Functions," Econometrica, Econometric Society, vol. 37(4), pages 553-577, October.
    8. Eva Ortega & Eva Ferraz & Samuel Hurtado, 2007. "Actualización del modelo trimestral del Banco de España," Boletín Económico, Banco de España, issue JUN, pages 55-65, Junio.
    9. E. H. Phelps Brown, 1957. "The Meaning of the Fitted Cobb-Douglas Function," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 71(4), pages 546-560.
    10. Antonio Cubel & Jordi Palafox, 2002. "El Stock De Capital Productivo De La Economía Española. 1900-1990," Working Papers. Serie EC 2002-06, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    11. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    12. Douglas, Paul H, 1976. "The Cobb-Douglas Production Function Once Again: Its History, Its Testing, and Some New Empirical Values," Journal of Political Economy, University of Chicago Press, vol. 84(5), pages 903-915, October.
    13. Alain Guay & Pierre Saint-Amant, 2005. "Do the Hodrick-Prescott and Baxter-King Filters Provide a Good Approximation of Business Cycles?," Annals of Economics and Statistics, GENES, issue 77, pages 133-155.
    14. N. Gregory Mankiw & David Romer & David N. Weil, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 107(2), pages 407-437.
    15. Ana R. de Lamo & Juan J. Dolado, 1993. "Un modelo del mercado de trabajo y la restricción de oferta en la economía española," Investigaciones Economicas, Fundación SEPI, vol. 17(1), pages 87-118, January.
    16. Bouthevillain, Carine & Cour-Thimann, Philippine & van de Dool, Gerrit & Hernández de Cos, Pablo & Langenus, Geert & Mohr, Matthias & Momigliano, Sandro & Tujula, Mika, 2001. "Cyclically adjusted budget balances: an alternative approach," Working Paper Series 77, European Central Bank.
    17. Marta Manrique & José Manuel Marqués, 2004. "An empirical approximation of the natural rate of interest and potential growth," Working Papers 0416, Banco de España.
    18. Bellod Redondo, José Francisco, 1999. "Prueba de causalidad y determinación de la NAIRU," El Trimestre Económico, Fondo de Cultura Económica, vol. 66(264), pages 663-692, octubre-d.
    19. Arthur F. Burns & Wesley C. Mitchell, 1946. "Measuring Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number burn46-1, July.
    20. Ángel Estrada & Ignacio Hernando & J. David López-Salido, 2000. "Measuring the NAIRU in the Spanish Economy," Working Papers 0009, Banco de España.
    21. María Jesús Freire-Serén, 2001. "Human capital accumulation and economic growth," Investigaciones Economicas, Fundación SEPI, vol. 25(3), pages 585-602, September.
    22. Jesus Felipe & Franklin M. Fisher, 2003. "Aggregation in Production Functions: What Applied Economists should Know," Metroeconomica, Wiley Blackwell, vol. 54(2‐3), pages 208-262, May.
    23. Inés P. Murillo & Carlos Usabiaga, "undated". "Estimaciones De La Tasa De Paro De Equilibrio De La Economía Española A Partir De La Ley De Okun," Working Papers 15-03 Classification-JEL , Instituto de Estudios Fiscales.
    24. Shaikh, Anwar, 1974. "Laws of Production and Laws of Algebra: The Humbug Production Function," The Review of Economics and Statistics, MIT Press, vol. 56(1), pages 115-120, February.
    25. Bellod Redondo, José Francisco, 2009. "El precio de la vivienda y la inflación en España," El Trimestre Económico, Fondo de Cultura Económica, vol. 0(302), pages 379-405, abril-jun.
    26. Ángel Estrada & Pablo Hernández de Cos, 2009. "The effect of oil prices on potential growth," Occasional Papers 0902, Banco de España.
    27. Mario Izquierdo & Ana V. Regil, 2006. "Actualización de las estimaciones de la tasa de desempleo estructural de la economía española," Boletín Económico, Banco de España, issue SEP, pages 55-62, Septiembr.
    Full references (including those not matched with items on IDEAS)

    Citations

    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. ASALTO AL PODER ADQUISITIVO DE LAS PENSIONES
      by José Francisco Bellod Redondo in jfbellod on 2013-11-23 18:18:00
    2. LOS PARADOS EN ESPAÑA: CADA VEZ MENOS PROTEGIDOS SOCIALMENTE.
      by José Francisco Bellod Redondo in jfbellod on 2013-11-12 01:36:00
    3. Sube el IBEX - 35, ¿Brotes Verdes?
      by José Francisco Bellod Redondo in jfbellod on 2013-11-17 14:07:00
    4. CONTRA EL EURO
      by José Francisco Bellod Redondo in jfbellod on 2013-12-23 17:22:00
    5. Desempleo: España necesita un Plan de Emergencia
      by José Francisco Bellod Redondo in jfbellod on 2013-12-06 15:42:00
    6. EL DATO: 3.443.365 VIVIENDAS VACÍAS EN ESPAÑA
      by José Francisco Bellod Redondo in jfbellod on 2013-12-14 21:42:00
    7. SOSTENIBILIDAD DEL ENDEUDAMIENTO AUTONÓMICO
      by José Francisco Bellod Redondo in jfbellod on 2013-12-05 16:29:00
    8. BENJAMÍN FRANKLIN y la Defensa de "Lo Público"
      by José Francisco Bellod Redondo in jfbellod on 2014-01-25 15:16:00
    9. La Política Fiscal y la Inflación en Venezuela
      by José Francisco Bellod Redondo in jfbellod on 2014-01-27 17:03:00

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. José Francisco Bellod Redondo, 2012. "Sustitución De Importaciones Agropecuarias: Un Ejercicio Simple De Modelización," Contribuciones a la Economía, Servicios Académicos Intercontinentales SL, issue 2012-08, August.
    2. Pablo Guerra, 2013. "Sobre El Concepto De Empresa. Bases Para La Comprensión De Formatos Económicos Solidarios," Observatorio Iberoamericano del Desarrollo Local y la Economía Social, Servicios Académicos Intercontinentales SL, issue 15, December.
    3. Briones Mendoza, Xavier Fernando & Molero Oliva, Leobaldo Enrique & Calderón Zamora, Oscar Xavier, 2018. "La función de producción Cobb-Douglas en el Ecuador," Revista Tendencias, Universidad de Narino, vol. 19(2), pages 45-73, July.
    4. José Francisco Bellod Redondo, 2016. "La Ley de Thirlwall y el Output Gap en España," Contribuciones a la Economía, Servicios Académicos Intercontinentales SL, issue 2016-04, october-d.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jesus Felipe & John S.L. McCombie, 2013. "The Aggregate Production Function and the Measurement of Technical Change," Books, Edward Elgar Publishing, number 1975.
    2. Yashin, Pete, 2014. "The Golden Rule of Capital Accumulation and Global Recession. Aggregate Production Function and the Cambridge Capital Controversy," MPRA Paper 58570, University Library of Munich, Germany.
    3. Paul E. Brockway & Matthew K. Heun & João Santos & John R. Barrett, 2017. "Energy-Extended CES Aggregate Production: Current Aspects of Their Specification and Econometric Estimation," Energies, MDPI, vol. 10(2), pages 1-23, February.
    4. Villar Otálora, Juan Camilo, 2021. "Una revisión sobre los métodos convencionales de la contabilidad del crecimiento: La tiranía de la identidad [A review of the conventional methods of growth accounting: The tyranny of identity]," MPRA Paper 106683, University Library of Munich, Germany.
    5. Yashin, Pete, 2016. "Кризис И Рост Неравенства. Оптимальный Путь Экономического Роста [The crisis and increasing inequality. The best equilibrium growth path]," MPRA Paper 73544, University Library of Munich, Germany.
    6. Jesus Felipe & F. Gerard Adams, 2005. ""A Theory of Production" The Estimation of the Cobb-Douglas Function: A Retrospective View," Eastern Economic Journal, Eastern Economic Association, vol. 31(3), pages 427-445, Summer.
    7. Jesus Felipe & Franklin M. Fisher, 2003. "Aggregation in Production Functions: What Applied Economists should Know," Metroeconomica, Wiley Blackwell, vol. 54(2‐3), pages 208-262, May.
    8. Jesus Felipe & John McCombie, 2006. "The Tyranny of the Identity: Growth Accounting Revisited," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(3), pages 283-299.
    9. Javier López-Bernardo & Félix López-Martínez & Engelbert Stockhammer, 2016. "A Post-Keynesian Response to Piketty's ‘Fundamental Contradiction of Capitalism’," Review of Political Economy, Taylor & Francis Journals, vol. 28(2), pages 190-204, April.
    10. Bergheim, Stefan, 2007. "Pair-wise cointegration in long-run growth models," Research Notes 24, Deutsche Bank Research.
    11. Fix, Blair, 2015. "Putting Power Back Into Growth Theory," Review of Capital as Power, Capital As Power - Toward a New Cosmology of Capitalism, vol. 1(2), pages 1-37.
    12. Jan Mikael Malmaeus, 2016. "Economic Values and Resource Use," Sustainability, MDPI, vol. 8(5), pages 1-20, May.
    13. Jesus Felipe & Carsten Holz, 2001. "Why do Aggregate Production Functions Work? Fisher's simulations, Shaikh's identity and some new results," International Review of Applied Economics, Taylor & Francis Journals, vol. 15(3), pages 261-285.
    14. Jesus Felipe & J. S. L. Mccombie, 2007. "On the Rental Price of Capital and the Profit Rate: The Perils and Pitfalls of Total Factor Productivity Growth," Review of Political Economy, Taylor & Francis Journals, vol. 19(3), pages 317-345.
    15. Piotr Pietraszewski, 2016. "Microeconomic fundamentals of the aggregate production function with constant returns to scale," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 45.
    16. Chirwa, Themba G. & Odhiambo, Nicholas M., 2016. "What Drives Long-Run Economic Growth? Empirical Evidence from South Africa," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 69(4), pages 429-456.
    17. Kerekes, Monika, 2007. "Analyzing patterns of economic growth: a production frontier approach," Discussion Papers 2007/15, Free University Berlin, School of Business & Economics.
    18. Nelson H. Barbosa Filho, 2005. "Estimating Potential Output : a Survey of the Alternative Methods and their Applications to Brazil," Discussion Papers 1092, Instituto de Pesquisa Econômica Aplicada - IPEA.
    19. Matthew K. Heun & João Santos & Paul E. Brockway & Randall Pruim & Tiago Domingos & Marco Sakai, 2017. "From Theory to Econometrics to Energy Policy: Cautionary Tales for Policymaking Using Aggregate Production Functions," Energies, MDPI, vol. 10(2), pages 1-44, February.

    More about this item

    Keywords

    Cobb-Douglas production function; Nairu; Spanish economy;
    All these keywords.

    Lists

    This item is featured on the following reading lists, Wikipedia, or ReplicationWiki pages:
    1. Función de producción de Cobb-Douglas in Wikipedia Spanish

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ret:ecocri:rec12_02. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Emilio Padilla Rosa (email available below). General contact details of provider: https://edirc.repec.org/data/aecrcea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.