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PRODID:https://www.diw.de/de/diw_01.c.806339.de/veranstaltungen.html
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UID:diw_01.c.411806.en
LOCATION:Eleanor-Dulles-Raum,DIW Berlin im Quartier 110,5.2.010,Anton-Wilhelm-Amo-Straße 58,10117 Berlin
SUMMARY:Forget Cobb-Douglas Production Function: Not just yet
DESCRIPTION:13:15-14:45 // [World] Cobb-Douglas (CD thereafter) aggregate production function is deemed too restrictive.  Estimation of the CD technology with constant coefficients indeed provided very little flexibility in explaining the production process across the countries.  Even if the parameters of the CD production function are allowed to vary across predefined regions (parts of the world), they are ad hoc restricted the be the same within these regions.  We allow the parameters of the CD production technology themselves be the function of other macroeconomic variable(s).  Further, instead of estimating the regression in logarithmic form, which is habitually done in the literature, we do the estimation in levels. We employ Poisson pseudo maximum likelihood (PPML) since the convergence of the nonlinear least squared proves hard to achieve.  This leads to the PPML model with varying coefficients, which offers flexibility in interpretation of the production process.
DTSTART;VALUE=DATE:20121214
DTEND;VALUE=DATE:20121214
DTSTAMP:20121119T230000Z
URL:https://www.diw.de/en/diw_01.c.411806.en/events/forget_cobb_douglas_production_function_not_just_yet.html
ORGANIZER;CN=Astrid Cullmann:mailto:acullmann@diw.de
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