Normalized CES supply systems: Replication of Klump, McAdam, and Willman (2007)

Normalized CES supply systems: Replication of Klump, McAdam, and Willman (2007) The analysis of Klump, McAdam, and Willman (Review of Economics and Statistics, 2007, 89, 183–192) is replicated using alternative software. Their results are verified substantively and, in large measure, numerically. Contributions include a more explicit consideration of the nested testing structure than has appeared previously, and the appropriate means of imposing and testing the special case of logarithmic growth in technology. Also, plots of the likelihood serve to emphasize that maxima in the neighborhood of a unitary elasticity of substitution are often a spurious artifact of the singularity of the model at this point, of which empirical researchers should beware. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Applied Econometrics Wiley

Normalized CES supply systems: Replication of Klump, McAdam, and Willman (2007)

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Publisher
Wiley
Copyright
Copyright © 2018 John Wiley & Sons, Ltd.
ISSN
0883-7252
eISSN
1099-1255
D.O.I.
10.1002/jae.2591
Publisher site
See Article on Publisher Site

Abstract

The analysis of Klump, McAdam, and Willman (Review of Economics and Statistics, 2007, 89, 183–192) is replicated using alternative software. Their results are verified substantively and, in large measure, numerically. Contributions include a more explicit consideration of the nested testing structure than has appeared previously, and the appropriate means of imposing and testing the special case of logarithmic growth in technology. Also, plots of the likelihood serve to emphasize that maxima in the neighborhood of a unitary elasticity of substitution are often a spurious artifact of the singularity of the model at this point, of which empirical researchers should beware.

Journal

Journal of Applied EconometricsWiley

Published: Jan 1, 2018

References

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