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Il dibattito sulla legge di Verdoorn: alcuni risultati empirici usando l’analisi di cointegrazione

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  • Romina Gambacorta

    (Banca d'Italia
    Università "La Sapienza", Roma)

Abstract

Since his formulation Verdoorn Law has been object of numerous criticisms. Most of them arise from the simultaneity bias, ,the static-dynamic paradox and the omission of the capital. Since most of the problems arise from non-stationarity of the data, the aim of this paper is to shed light on these aspects using cointegration analysis. The main results of the analysis, based on Italian industry data, are: simultaneity exists and the static-dynamic paradox only arises from a non-correct specification of the model. Finally, the introduction of the capital allows to conclude that in-creasing returns of scale exist.

Suggested Citation

  • Romina Gambacorta, 2004. "Il dibattito sulla legge di Verdoorn: alcuni risultati empirici usando l’analisi di cointegrazione," Rivista di Politica Economica, SIPI Spa, vol. 94(3), pages 251-251, May-June.
    • Handle: RePEc:rpo:ripoec:v:94:y:2004:i:3:p:251-
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    Cited by:

    1. Martinho, Vítor João Pereira Domingues, 2011. "What the keynesian theory said about Portugal?," MPRA Paper 32610, University Library of Munich, Germany.
    2. 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.
    3. Cceilia Iona Lasino & Giovanna Vallanti, 2011. "Reforms, labour market functioning and productivity dynamics: a sectoral analysis for Italy," Working Papers LuissLab 1193, Dipartimento di Economia e Finanza, LUISS Guido Carli.
    4. M. Centorrino & F. Ofria, 2008. "Organized crime and labour productivity in the Mezzogiorno: an application of the "Kaldor-Verdoorn" model," Rivista economica del Mezzogiorno, Società editrice il Mulino, issue 1, pages 163-188.
    5. Giorgio Fazio & Enza Maltese & Davide Piacentino, 2013. "Estimating Verdoorn law for Italian firms and regions," Letters in Spatial and Resource Sciences, Springer, vol. 6(1), pages 45-54, March.
    6. Millemaci, Emanuele & Ofria, Ferdinando, 2016. "Supply and demand-side determinants of productivity growth in Italian regions," Structural Change and Economic Dynamics, Elsevier, vol. 37(C), pages 138-146.
    7. Ferdinando Ofria, 2009. "L'approccio Kaldor-Verdoorn: una verifica empirica per il Centro-Nord e il Mezzogiorno d'Italia (anni 1951-2006)," Rivista di Politica Economica, SIPI Spa, issue 1, pages 179-207, January-M.

    More about this item

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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