The illusions of calculating total factor productivity and testing growth models from Cobb-Douglas to Solow and Romer.
Aggregate production functions yield high fits and factor elasticities close to the corresponding factor shares because they are approximations to an accounting identity. Authors show through a series of examples why one learns little from the neoclassical growth literature published during the last...
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| Format: | Electronic Resource |
| Langue: | English |
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Metro Manila, Philippines
Asian Development Bank
2019.
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| Collection: | Economics working papers.
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| Accès en ligne: | https://www.adb.org/publications/total-factor-productivity-testing-growth-models |