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An Econometric Analysis of a Production Function for New Zealand

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    Abstract

    Using the capital stock series recently released by Statistics New Zealand, two approaches have been employed to estimate a production function. The first approach is based on the estimation of a constant elasticity of substitution (CES) production function with a value added form. The second approach is based on a nested CES function. Using the nested structure, we allow imports as an intermediate input in the production block. The estimated results reveal that the data rejects the Cobb-Douglas specification and the use of the value added form is not justifiable.

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    File URL: http://www.treasury.govt.nz/publications/research-policy/wp/2001/01-31/twp01-31.pdf
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    Bibliographic Info

    Paper provided by New Zealand Treasury in its series Treasury Working Paper Series with number 01/31.

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    Length: 26 pages
    Date of creation: 2001
    Date of revision:
    Handle: RePEc:nzt:nztwps:01/31

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    Postal: New Zealand Treasury, PO Box 3724, Wellington, New Zealand
    Phone: +64-4-472 2733
    Fax: +64-4-473 0982
    Web page: http://www.treasury.govt.nz
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    Keywords: CES production function; Cobb-Douglas specification;

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    1. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
    2. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
    3. Atkinson, Anthony B, 1969. "The Timescale of Economic Models: How Long Is the Long Run?," Review of Economic Studies, Wiley Blackwell, vol. 36(106), pages 137-52, April.
    4. Duffy, John & Papageorgiou, Chris, 2000. " A Cross-Country Empirical Investigation of the Aggregate Production Function Specification," Journal of Economic Growth, Springer, vol. 5(1), pages 87-120, March.
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    Cited by:
    1. Julia Hall & Grant M Scobie, 2006. "The Role of R&D in Productivity Growth: The Case of Agriculture in New Zealand: 1927 to 2001," Treasury Working Paper Series 06/01, New Zealand Treasury.
    2. Renee Philip & John Janssen, 2002. "Indicators of Fiscal Impulse for New Zealand," Treasury Working Paper Series 02/30, New Zealand Treasury.
    3. Lehmus, Markku, 2009. "Empirical macroeconomic model of the Finnish economy (EMMA)," Economic Modelling, Elsevier, vol. 26(5), pages 926-933, September.
    4. Julia Hall & Grant Scobie, 2005. "Capital Shallowness: A Problem for New Zealand?," Treasury Working Paper Series 05/05, New Zealand Treasury.
    5. Kam Leong Szeto, 2002. "A dynamic computable general equilibrium (CGE) model of the New Zealand economy," Treasury Working Paper Series 02/07, New Zealand Treasury.

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