کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5055333 | 1371489 | 2009 | 8 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Cointegration analysis for cross-sectionally dependent panels: The case of regional production functions
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This paper employs recently developed non-stationary panel methodologies that assume cross-section dependence to estimate a production function for Italian regions over the 1970-2003 period. The analysis consists of three steps. First, unit root tests for cross-sectionally dependent panels are applied. Second, the existence of a cointegrating relationship among value added, physical capital and human capital-augmented labour is investigated, fully allowing for cross-section dependence. Then, the appropriate Fully Modified Ordinary Least Square estimators developed by Bai and Kao [Bai, J., Kao, C. 2006. On the Estimation and Inference of a Panel Cointegration Model with Cross-Sectional Dependence. In: B.H. Baltagi (Ed) Panel Data Econometrics: Theoretical Contributions and Empirical Applications, Elsevier Science: Amsterdam; 2006, pp.3-30.] are used to estimate the long-run relationship. We find that neglecting cross-section dependence can have a strong impact on the estimated long-run input elasticities, generally imparting them an upward bias.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economic Modelling - Volume 26, Issue 2, March 2009, Pages 320-327
Journal: Economic Modelling - Volume 26, Issue 2, March 2009, Pages 320-327
نویسندگان
Mauro Costantini, Sergio Destefanis,