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



Table 24.4:

Input elasticities and inverse input elasticities.

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

With 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

β Lx


βbLy

β Lxy

-~⅛-
βLx

-~⅛-
βeLy

X 2( β Lx )

χ2(βeLy)

ln M, ln Q

1.0219

1.2148

1.1881

1.0739

1.1749

54.66

73.56

(0.0644)

(0.1202)

(0.0786)

(0.0289)

(0.0316)

(0.2065)

(0.0079)

lnQ,lnM

0.7345

0.9392

0.7048

0.7428

0.8834

64.48

52.42

(0.0730)

(0.0559)

(0.0621)

(0.0225)

(0.0242)

(0.0460)

(0.2720)

ln K, ln Q

1.0348

1.2201

1.0776

0.7504

1.3279

84.43

76.36

(0.1471)

(0.1514)

(0.1153)

(0.0703)

(0.0808)

(0.0007)

(0.0043)

lnQ, lnK

0.5967

0.7045

0.5902

0.4599

0.6675

69.04

94.75

(0.0755)

(0.1190)

(0.0682)

(0.0322)

(0.0546)

(0.0198)

(0.0000)

Wood and Wood Products: N = 603, T =8

y, x

b

β Lx

^
βLy

b

β Lxy

-~⅛-
βLx

-~⅛-
βeLy

X 2( β Lx )

-~⅛-

X2(βeLy)

lnM,lnQ

1.0501

1.1174

1.0813

1.0646

1.1328

63.26

65.06

(0.0219)

(0.0245)

(0.0235)

(0.0140)

(0.0188)

(0.0567)

(0.0415)

ln Q, ln M

0.8740

0.9425

0.8888

0.8644

0.9277

62.69

62.27

(0.0192)

(0.0189)

(0.0194)

(0.0145)

(0.0123)

(0.0625)

(0.0671)

lnK,lnQ

0.6696

1.4487

0.8460

0.4414

1.4470

100.40

126.86

(0.0927)

(0.1615)

(0.0794)

(0.0489)

(0.1093)

(0.0000)

(0.0000)

ln Q, ln K

0.5188

0.7927

0.5363

0.3165

0.9208

102.10

149.90

(0.0655)

(0.0905)

(0.0546)

(0.0339)

(0.0617)

(0.0000)

(0.0000)

40



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