Estimation of a production function with domestic and foreign capital stock

Thomas Ziesemer ()

No 2022-002, MERIT Working Papers from United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT)

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

Keywords: time-series; estimation; production function; open economy; Brazil (search for similar items in EconPapers)
JEL-codes: C22 C51 E23 F43 O54 (search for similar items in EconPapers)
Date: 2022-01-10
New Economics Papers: this item is included in nep-eff and nep-mac
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