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Estimates of the long-run growth rate of Singapore with a CES production function

Author

Listed:
  • Rao, B. Bhaskara
  • Shankar, Sriram

Abstract

This paper estimates with the Bayesian methods a CES production function for Singapore for 1960-2009. It is found that the elasticity of substitution is 0.6, technical progress is labour augmenting and the steady state growth rate of Singapore is about 1.8%.

Suggested Citation

  • Rao, B. Bhaskara & Shankar, Sriram, 2011. "Estimates of the long-run growth rate of Singapore with a CES production function," MPRA Paper 31601, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:31601
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    References listed on IDEAS

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    1. Dale J. Poirier, 1995. "Intermediate Statistics and Econometrics: A Comparative Approach," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262161494, December.
    2. Rainer Klump & Peter McAdam & Alpo Willman, 2007. "Factor Substitution and Factor-Augmenting Technical Progress in the United States: A Normalized Supply-Side System Approach," The Review of Economics and Statistics, MIT Press, vol. 89(1), pages 183-192, February.
    3. Arto Luoma & Jani Luoto, 2010. "The Aggregate Production Function of the Finnish Economy in the Twentieth Century," Southern Economic Journal, Southern Economic Association, vol. 76(3), pages 723-737, January.
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    2. Mehrdad KHADIMEE, 2016. "The Sources of Economic Growth in Iran’s Economy," Journal of Economics Library, KSP Journals, vol. 3(4), pages 621-631, December.
    3. Cheng, Maolin & Han, Yun, 2020. "Application of a modified CES production function model based on improved PSO algorithm," Applied Mathematics and Computation, Elsevier, vol. 387(C).
    4. Mr. Christopher S Adam & Mr. Edward F Buffie, 2020. "The Minimum Wage Puzzle in Less Developed Countries: Reconciling Theory and Evidence," IMF Working Papers 2020/023, International Monetary Fund.
    5. Cheng Maolin & Shi Guojun & Han Yun, 2019. "A Modified CES Production Function Model and Its Application in Calculating the Contribution Rate of Energy and Other Influencing Factors to Economic Growth," Journal of Systems Science and Information, De Gruyter, vol. 7(2), pages 161-172, April.
    6. Maolin Cheng, 2019. "A Grey CES Production Function Model and Its Application in Calculating the Contribution Rate of Economic Growth Factors," Complexity, Hindawi, vol. 2019, pages 1-8, April.

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    More about this item

    Keywords

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    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General

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