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Normalized CES supply systems: Replication of Klump, McAdam, and Willman (2007)

Author

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  • Kenneth G. Stewart

Abstract

The analysis of Klump, McAdam, and Willman (Review of Economics and Statistics, 2007, 89, 183–192) is replicated using alternative software. Their results are verified substantively and, in large measure, numerically. Contributions include a more explicit consideration of the nested testing structure than has appeared previously, and the appropriate means of imposing and testing the special case of logarithmic growth in technology. Also, plots of the likelihood serve to emphasize that maxima in the neighborhood of a unitary elasticity of substitution are often a spurious artifact of the singularity of the model at this point, of which empirical researchers should beware.

Suggested Citation

  • Kenneth G. Stewart, 2018. "Normalized CES supply systems: Replication of Klump, McAdam, and Willman (2007)," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 33(2), pages 290-296, March.
    • Handle: RePEc:wly:japmet:v:33:y:2018:i:2:p:290-296
    DOI: 10.1002/jae.2591
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    Cited by:

    1. Daniels, Gerald Eric & Kakar, Venoo, 2018. "Normalized CES supply-side system approach: How to replicate Klump, McAdam, and Willman (2007)," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 12, pages 1-11.
    2. Daniels, Gerald Eric & Kakar, Venoo, 2017. "Normalized CES supply-side system approach: How to replicate Klump, McAdam, and Willman (Review of Economics and Statistics, 2007)," Economics Discussion Papers 2017-70, Kiel Institute for the World Economy (IfW Kiel).
    3. Kemnitz, Alexander & Knoblach, Michael, 2020. "Endogenous sigma-augmenting technological change: An R&D-based approach," CEPIE Working Papers 02/20, Technische Universität Dresden, Center of Public and International Economics (CEPIE).

    More about this item

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada

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    This item is featured on the following reading lists, Wikipedia, or ReplicationWiki pages:
    1. Normalized CES supply systems: Replication of Klump, McAdam, and Willman (2007) (Journal of Applied Econometrics 2018) in ReplicationWiki

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