IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this article or follow this journal

The Law of Verdoorn: Evidence from Greek Disaggregated Manufacturing Time Series Data

  • Nicholas Apergis

    (University of Macedonia, Thessaloniki, Greece)

  • Spyros Zikos

    (University of Macedonia, Thessaloniki, Greece)

This paper tests the validity of Verdoorn’s law in Greek manufacturing. Through the Generalised Method of Moments (GMM) methodology, estimates of the Verdoorn law in aggregated and disaggregated manufacturing Greek data are obtained in order to explain disparities in income and growth among Greek manufacturing sectors. The results provided evidence that increasing returns to scale with certain, albeit low, substitutability possibilities between capital and labour are present in Greek manufacturing groups.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.esr.ie/Vol34_5Apergis.pdf
File Function: First version, 2003
Download Restriction: no

Article provided by Economic and Social Studies in its journal Economic and Social Review.

Volume (Year): 34 (2003)
Issue (Month): 1 ()
Pages: 87–104

as
in new window

Handle: RePEc:eso:journl:v:34:y:2003:i:1:p:87-104
Contact details of provider: Web page: http://www.esr.ie

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. McCombie, J S L & de Ridder, J R, 1984. ""The Verdoorn Law Controversy": Some New Empirical Evidence Using U.S. State Data," Oxford Economic Papers, Oxford University Press, vol. 36(2), pages 268-84, June.
  2. Jefferson, Gary H, 1988. "The Aggregate Production Function and Productivity Growth: Verdoorn's Law Revisited," Oxford Economic Papers, Oxford University Press, vol. 40(4), pages 671-91, December.
  3. Olivier J. Blanchard, 1986. "Hysteresis and Unemployment," Working papers 430, Massachusetts Institute of Technology (MIT), Department of Economics.
  4. Newey, Whitney & West, Kenneth, 2014. "A simple, positive semi-definite, heteroscedasticity and autocorrelation consistent covariance matrix," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 33(1), pages 125-132.
  5. Papatheodorou, Yorgos E., 1991. "Production structure and cyclical behaviour : Modelling the supply block of the Greek economy," European Economic Review, Elsevier, vol. 35(7), pages 1449-1471, October.
  6. Hansen, Lars Peter, 1982. "Large Sample Properties of Generalized Method of Moments Estimators," Econometrica, Econometric Society, vol. 50(4), pages 1029-54, July.
  7. Perron, P., 1989. "Testing For A Unit Root In A Time Series With A Changing Mean," Papers 347, Princeton, Department of Economics - Econometric Research Program.
  8. Ghysels, Eric & Hall, Alastair, 1990. "Are consumption-based intertemporal capital asset pricing models structural?," Journal of Econometrics, Elsevier, vol. 45(1-2), pages 121-139.
  9. Arellano, Manuel & Bover, Olympia, 1995. "Another look at the instrumental variable estimation of error-components models," Journal of Econometrics, Elsevier, vol. 68(1), pages 29-51, July.
  10. Ferson, Wayne E. & Foerster, Stephen R., 1994. "Finite sample properties of the generalized method of moments in tests of conditional asset pricing models," Journal of Financial Economics, Elsevier, vol. 36(1), pages 29-55, August.
  11. A. P. Thirlwall, 1983. "A Plain Man's Guide to Kaldor's Growth Laws," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 5(3), pages 345-358, April.
  12. repec:att:wimass:9220 is not listed on IDEAS
  13. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  14. Holtz-Eakin, Douglas & Newey, Whitney & Rosen, Harvey S, 1988. "Estimating Vector Autoregressions with Panel Data," Econometrica, Econometric Society, vol. 56(6), pages 1371-95, November.
  15. Fingleton, B & McCombie, J S L, 1998. "Increasing Returns and Economic Growth: Some Evidence for Manufacturing from the European Union Regions," Oxford Economic Papers, Oxford University Press, vol. 50(1), pages 89-105, January.
  16. Boulier, B L, 1984. "What Lies behind Verdoorn's Law?," Oxford Economic Papers, Oxford University Press, vol. 36(2), pages 259-67, June.
  17. Kenneth D. West & Whitney K. Newey, 1995. "Automatic Lag Selection in Covariance Matrix Estimation," NBER Technical Working Papers 0144, National Bureau of Economic Research, Inc.
  18. Coen, Robert M, 1975. "Investment Behavior, the Measurement of Depreciation, and Tax Policy," American Economic Review, American Economic Association, vol. 65(1), pages 59-74, March.
  19. Hodgson, Geoff, 1989. "Institutional Rigidities and Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 13(1), pages 79-101, March.
  20. Thomas R. Michl, 1985. "International Comparisons of Productivity Growth: Verdoorn's Law Revisited," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 7(4), pages 474-492, July.
  21. Bairam, Erkin, 1990. "Verdoorn's Original Model and the Verdoorn Law Controversy: Some New Empirical Evidence Using the Australian Manufacturing Data," Australian Economic Papers, Wiley Blackwell, vol. 29(54), pages 107-12, June.
  22. Rowthorn, R E, 1979. "A Note on Verdoorn's Law," Economic Journal, Royal Economic Society, vol. 89(353), pages 131-33, March.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:eso:journl:v:34:y:2003:i:1:p:87-104. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Frank Walsh)

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 references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.

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

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.