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



Table 24.3:

Input elasticities and inverse input elasticities.

GMM estimates of level equations, with all IV’s in differences.

No mean deduction

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

β Lx

^
βLy

b

β Lxy

-~⅛-
βLx

βeLy

X 2( β Lx )

X2(βeLy)

ln M, ln Q

0.9308

0.9325

0.9274

0.9351

0.9404

56.76

81.49

(0.0031)

(0.0052)

(0.0036)

(0.0024)

(0.0022)

(0.1557)

(0.0013)

lnQ,lnM

1.0718

1.0743

1.0772

1.0628

1.0690

80.64

56.69

(0.0060)

(0.0035)

(0.0039)

(0.0025)

(0.0028)

(0.0016)

(0.1572)

lnK,lnQ

0.7408

0.7355

0.7381

0.7505

0.7502

107.05

116.19

(0.0079)

(0.0079)

(0.0072)

(0.0059)

(0.0055)

(0.0000)

(0.0000)

ln Q, ln K

1.3533

1.3483

1.3490

1.3211

1.3231

115.18

106.84

(0.0145)

(0.0144)

(0.0129)

(0.0097)

(0.0105)

(0.0000)

(0.0000)

Wood and Wood Products: N =

603, T =8

y, x

b

β Lx

^
βLy

b

β Lxy

-~⅛-
βLx

βeLy

X 2( β Lx )

X2(βeLy)

ln M, ln Q

0.9473

0.9469

0.9471

0.9484

0.9496

141.10

159.95

(0.0011)

(0.0011)

(0.0011)

(0.0010)

(0.0010)

(0.0000)

(0.0000)

ln Q, ln M

1.0561

1.0557

1.0558

1.0529

1.0543

159.80

141.07

(0.0013)

(0.0012)

(0.0012)

(0.0011)

(0.0011)

(0.0000)

(0.0000)

lnK,lnQ

0.7545

0.7560

0.7546

0.7598

0.7699

207.64

272.33

(0.0030)

(0.0033)

(0.0029)

(0.0027)

(0.0029)

(0.0000)

(0.0000)

ln Q, ln K

1.3197

1.3244

1.3221

1.2927

1.3124

270.29

207.00

(0.0056)

(0.0053)

(0.0050)

(0.0049)

(0.0046)

(0.0000)

(0.0000)

38



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