Ensaios Econômicos – Testing Production Functions Used in Empirical Growth Studies
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Postado por Equipe FGV IBRE
Pedro Cavalcanti Ferreira, João Victor Issler and Samuel de Abreu Pessôa
We estimate and test two alternative functional forms, which have been used in the growth literature, epresenting the aggregate production function for a panel of countries: the model of Mankiw, Romer and Weil (Quarterly Journal of Economics, 1992), and a mincerian formulation of schooling-returns to skills. Estimation is performed using instrumental-variable techniques, and both functional forms are confronted using a Box-Cox test, since human capital inputs enter in levels in the mincerian speciÞcation and in logs in the extended neoclassical growth model.
