Cointegration, factor shares, and production function parameters
This note evaluates the usefulness of cointegration relations for estimating production function parameters, as pioneered by Caballero (1994). While using long-run variation to estimate production function parameters is a desirable estimation strategy, this note demonstrates that the Cointegration Model will not be informative for estimating substitution parameters.
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References listed on IDEAS
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- Ricardo J. Caballero & Eduardo M. R. A. Engel & John C. Haltiwanger, 1995. "Plant-Level Adjustment and Aggregate Investment Dynamics," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(2), pages 1-54.
- Eicher, Theo S & Turnovsky, Stephen J, 1999. "Non-scale Models of Economic Growth," Economic Journal, Royal Economic Society, vol. 109(457), pages 394-415, July.
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