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Estimation of a production function with domestic and foreign capital stock

Author

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  • Ziesemer, Thomas

    (UNU-MERIT, Maastricht University)

Abstract

We estimate a Cobb-Douglas production function distinguishing between a domestic and a foreign capital stock built from data of imported machinery and transport equipment for Brazil. The preferred regression uses log levels estimated by GMM-HAC. Results are that the elasticity of production of foreign capital is about 40% of that of domestic capital, the function has constant returns to scale in capital and labour variables, and human capital and technical change are also highly productive

Suggested Citation

  • Ziesemer, Thomas, 2022. "Estimation of a production function with domestic and foreign capital stock," MERIT Working Papers 2022-002, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    • Handle: RePEc:unm:unumer:2022002
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    File URL: https://www.merit.unu.edu/publications/wppdf/2022/wp2022-002.pdf
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    More about this item

    Keywords

    time-series; estimation; production function; open economy; Brazil;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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