Handling the measurement error problem by means of panel data: Moment methods applied on firm data



Table 24.2:

Input elasticities and inverse input elasticities.

GMM estimates of differenced equations, with all IV’s in levels

Q = output, M = materials, K = capital

In parenthesis: Cols. 1-5: Standard deviation estimates. Cols. 6-7: p values

Textiles: N = 215, T =8

y, x

b

βDx

b

βDy

b

β Dxy

-~⅛-
βDx

-~⅛-
βDy

X 2( β Dx )

X2(βeDy)

ln M, ln Q

1.0821

1.1275

1.0900

1.0546

1.0825

51.71

70.39

(0.0331)

(0.0346)

(0.0350)

(0.0173)

(0.0169)

(0.2950)

(0.0152)

lnQ,lnM

0.8404

0.8931

0.8064

0.8917

0.9244

86.55

59.08

(0.0283)

(0.0283)

(0.0363)

(0.0143)

(0.0148)

(0.0004)

(0.1112)

ln K, ln Q

0.5095

0.6425

0.5004

0.5239

0.6092

115.68

121.29

(0.0735)

(0.0700)

(0.0745)

(0.0407)

(0.0314)

(0.0000)

(0.0000)

lnQ, lnK

0.4170

0.6391

0.4021

0.4499

0.6495

130.50

133.94

(0.0409)

(0.0561)

(0.0382)

(0.0248)

(0.0330)

(0.0000)

(0.0000)

Wood and Wood Products: N =

603, T =8

y, x

b

β Dx

b

βDy

b

β Dxy

-~⅛-
βDx

-~⅛-
βDy

X 2( β Dx )

X2(βeDy)

ln M, ln Q

1.0604

1.0784

1.0632

1.0615

1.0772

63.97

90.28

(0.0123)

(0.0124)

(0.0128)

(0.0089)

(0.0098)

(0.0502)

(0.0002)

lnQ,lnM

0.9171

0.9362

0.9117

0.9195

0.9370

91.40

64.13

(0.0106)

(0.0108)

(0.0115)

(0.0083)

(0.0078)

(0.0001)

(0.0489)

ln K, ln Q

0.7454

0.8906

0.7494

0.8094

0.9398

290.60

281.57

(0.0409)

(0.0439)

(0.0425)

(0.0305)

(0.0310)

(0.0000)

(0.0000)

ln Q, ln K

0.4862

0.6003

0.4806

0.5261

0.6377

283.25

280.65

(0.0229)

(0.0258)

(0.0223)

(0.0189)

(0.0212)

(0.0000)

(0.0000)

36



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