Aggregate returns to scale in Greek manufacturing
This paper takes an imperfect competition model of the economy in order to investigate for retuns to scale in Greek manufacturing and examines, through a small-scale macroeconomic model, the implication of estimates. For this purpose a price, wage and demand for output equations are estimated, using annual data for the period 1954-94. Prices come through the profits maximization process and depend on wage, capital rental, demand and a number of other variables denoing technology and market competition. Results are clearly in favour of increasing returns to scale hypothesis, although alternative explanations for the negative demand effect on prices cannot be excluded.
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Volume (Year): 29 (1997)
Issue (Month): 12 ()
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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.:
- Alogoskoufis, George, 1987. "Competitiveness, Wage Adjustment and Macroeconomic Policy in a Small Open Economy," CEPR Discussion Papers 215, C.E.P.R. Discussion Papers.
- Romer, Paul M, 1986.
"Increasing Returns and Long-run Growth,"
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University of Chicago Press, vol. 94(5), pages 1002-1037, October.
- Bils, Mark, 1987. "The Cyclical Behavior of Marginal Cost and Price," American Economic Review, American Economic Association, vol. 77(5), pages 838-855, December.
- Manning, Alan, 1992.
"Multiple equilibria in the British labour market : Some empirical evidence,"
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Elsevier, vol. 36(7), pages 1333-1365, October.
- Manning, Alan, 1991. "Multiple Equilibria in the British Labour Market: Some Empirical Evidence," CEPR Discussion Papers 540, C.E.P.R. Discussion Papers.
- Layard, Richard & Nickell, Stephen, 1986. "Unemployment in Britain," Economica, London School of Economics and Political Science, vol. 53(210(S)), pages 121-169, Supplemen.
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