Public capital and productivity: a nonstationary panel analysis

Masakatsu Okubo

Applied Economics Letters, 2008, vol. 15, issue 2, pages 95-99

Abstract: This article applies a method of Mark and Sul (2003) to deal with one of potential endogeneity issues that accompany estimation of a log-linear Cobb-Douglas production function with public capital. We show that if nonstationarity in data is admitted, the panel cointegration approach is useful for obtaining more precise estimates of the output elasticity of public capital.

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