Verdoorn's law and increasing returns to scale: country estimates based on the cointegration approach
AbstractThe Johansen approach to estimating long-run cointegration vectors is used with the Penn World Tables data to estimate returns to scale. Thus, this approach has the advantages of including a measure of capital, it overcomes the simultaneity problems associated with the single-equation Verdoorn law, and it involves estimating a correctly specified dynamic model in which is embedded the long-run solution(s). The results indicate that there is substantial evidence that increasing returns are the norm for the majority of countries.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Applied Economics Letters.
Volume (Year): 6 (1999)
Issue (Month): 1 ()
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- Giorgio Fazio & Enza Maltese & Davide Piacentino, 2013.
"Estimating Verdoorn law for Italian firms and regions,"
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Springer, vol. 6(1), pages 45-54, March.
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- Ofria, Ferdinando & Millemaci, Emanuele, 2010. "Kaldor-Verdoorn’s law and increasing returns to scale: a comparison across developed countries," MPRA Paper 30941, University Library of Munich, Germany.
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