A Cross-Country Empirical Investigation of the Aggregate Production Function Specification

  title={A Cross-Country Empirical Investigation of the Aggregate Production Function Specification},
  author={John Duffy and Chris Papageorgiou},
Many growth models assume that aggregate output is generated by a Cobb-Douglas production function. In this article we question the empirical relevance of this specification. We use a panel of 82 countries over a 28-year period to estimate a general constant-elasticity-of-substitution (CES) production function specification. We find that for the entire sample of countries we can reject the Cobb-Douglas specification. When we divide our sample of countries up into several subsamples, we find… CONTINUE READING
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