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What is WP 994 about?

This working paper revisits the endogeneity issues in production function estimation, arguing that the bias in estimated elasticities is primarily due to the use of monetary values rather than physical quantities. The authors assert that the relationship between output, capital, and employment is governed by a distribution accounting identity, which has been overlooked in recent literature. They conclude that traditional estimation methods cannot resolve the inherent problems caused by this identity, sugges

Author

orivil

Language

EN