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Durées d’utilisation des facteurs et fonction de production : une estimation par la méthode des moments généralisés en système

  • Eric Heyer
  • Florian Pelgrin
  • Arnaud Sylvain

Although a number of studies have demonstrated the importance of the degree of factor utilization in economic analysis, the impact of the durations of utilization in a production function remains largely unknown, particularly in terms of the duration of equipment utilization. Using French data on industrial firms over the period 1989–2001, the authors estimate a Cobb-Douglas production function that accounts for the volumes and durations of factor utilization. They draw on the framework proposed by Blundell and Bond (2000), assuming that serially correlated shocks allow a dynamic representation of the production function, and they choose the system-generalized method of moments as the reference estimation method. Their estimates yield identical elasticities for shifts of work and capital: the increase in output resulting from doubling the number of work teams is equivalent to that from doubling the stock of capital. Finally, they cannot reject the null hypothesis of constant returns to scale in their sample.

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Paper provided by Bank of Canada in its series Staff Working Papers with number 04-12.

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Length: 43 pages
Date of creation: 2004
Date of revision:
Handle: RePEc:bca:bocawp:04-12
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  1. R Blundell & Steven Bond, . "Initial conditions and moment restrictions in dynamic panel data model," Economics Papers W14&104., Economics Group, Nuffield College, University of Oxford.
  2. Hart, Robert A. & McGregor, Peter G., 1988. "The returns to labour services in West German manufacturing industry," European Economic Review, Elsevier, vol. 32(4), pages 947-963, April.
  3. Nickell, Stephen J, 1981. "Biases in Dynamic Models with Fixed Effects," Econometrica, Econometric Society, vol. 49(6), pages 1417-26, November.
  4. Gilbert Cette, 1990. "Durée d'utilisation des équipements : l'inversion d'une tendance longue," Économie et Statistique, Programme National Persée, vol. 231(1), pages 33-47.
  5. Douglas Staiger & James H. Stock, 1994. "Instrumental Variables Regression with Weak Instruments," NBER Technical Working Papers 0151, National Bureau of Economic Research, Inc.
  6. Nadiri, M Ishaq & Rosen, Sherwin, 1969. "Interrelated Factor Demand Functions," American Economic Review, American Economic Association, vol. 59(4), pages 457-71, Part I Se.
  7. Stephen Bond & Céline Nauges & Frank Windmeijer, 2002. "Unit Roots and Identification in Autoregressive Panel Data Models: A Comparison of Alternative Tests," 10th International Conference on Panel Data, Berlin, July 5-6, 2002 C5-4, International Conferences on Panel Data.
  8. Richard Blundell & Steve Bond, 1999. "GMM estimation with persistent panel data: an application to production functions," IFS Working Papers W99/04, Institute for Fiscal Studies.
  9. R. J. Ball & E. B. A. St Cyr, 1966. "Short Term Employment Functions in British Manufacturing Industry," Review of Economic Studies, Oxford University Press, vol. 33(3), pages 179-207.
  10. Simon Cueva & Éric Heyer, 1997. "Fonction de production et degrés d'utilisation du capital et du travail : une analyse économétrique," Économie et Prévision, Programme National Persée, vol. 131(5), pages 93-111.
  11. Rosen, Sherwin & Nadiri, M Ishaq, 1974. "A Disequilibrium Model of Demand for Factors of Production," American Economic Review, American Economic Association, vol. 64(2), pages 264-70, May.
  12. Steve Bond & Clive Bowsher & Frank Windmeijer, 2001. "Criterion-based inference for GMM in autoregressive panel-data models," IFS Working Papers W01/02, Institute for Fiscal Studies.
  13. Ziliak, James P, 1997. "Efficient Estimation with Panel Data When Instruments Are Predetermined: An Empirical Comparison of Moment-Condition Estimators," Journal of Business & Economic Statistics, American Statistical Association, vol. 15(4), pages 419-31, October.
  14. Anxo, Dominique & Bigsten, Arne, 1989. " Working Hours and Productivity in Swedish Manufacturing," Scandinavian Journal of Economics, Wiley Blackwell, vol. 91(3), pages 613-19.
  15. repec:crs:wpaper:9730 is not listed on IDEAS
  16. Richard Blundell & Steve Bond & Frank Windmeijer, 2000. "Estimation in dynamic panel data models: improving on the performance of the standard GMM estimator," IFS Working Papers W00/12, Institute for Fiscal Studies.
  17. Gilbert Cette, 1983. "Degrés d'utilisation des facteurs et demande d'investissement et de travail," Revue Économique, Programme National Persée, vol. 34(4), pages 756-793.
  18. M. S. Feldstein, 1967. "Specification of the Labour Input in the Aggregate Production Function," Review of Economic Studies, Oxford University Press, vol. 34(4), pages 375-386.
  19. Anderson, T. W. & Hsiao, Cheng, 1982. "Formulation and estimation of dynamic models using panel data," Journal of Econometrics, Elsevier, vol. 18(1), pages 47-82, January.
  20. Sylvain, A., 2003. "Lois de mortalité et durées de vie des équipements dans l’industrie," Bulletin de la Banque de France, Banque de France, issue 111, pages 87-101.
  21. repec:adr:anecst:y:2002:i:66:p:10 is not listed on IDEAS
  22. Division économie française de l'OFCE & Olivier Brossard & Valérie Chauvin & Gaël Dupont & Eric Heyer & Xavier Timbeau & Françoise Charpin & Hervé Péléraux, 2000. "Croissance.net," Revue de l'OFCE, Programme National Persée, vol. 73(1), pages 115-150.
  23. Frank Windmeijer, 2000. "A finite sample correction for the variance of linear two-step GMM estimators," IFS Working Papers W00/19, Institute for Fiscal Studies.
  24. Zvi Griliches & Jacques Mairesse, 1995. "Production Functions: The Search for Identification," NBER Working Papers 5067, National Bureau of Economic Research, Inc.
  25. Manuel Arellano & Stephen Bond, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Oxford University Press, vol. 58(2), pages 277-297.
  26. Roger Craine, 1973. "On the Service Flow from Labour," Review of Economic Studies, Oxford University Press, vol. 40(1), pages 39-46.
  27. Jacques Mairesse & Bronwyn H. Hall, 1996. "Estimating the Productivity of Research and Development: An Exploration of GMM Methods Using Data on French & United States Manufacturing Firms," NBER Working Papers 5501, National Bureau of Economic Research, Inc.
  28. M Arellano & O Bover, 1990. "Another Look at the Instrumental Variable Estimation of Error-Components Models," CEP Discussion Papers dp0007, Centre for Economic Performance, LSE.
  29. repec:adr:anecst:y:2002:i:66 is not listed on IDEAS
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