ECONOMETRIC MODELING OF TECHNICAL CHANGE by Dale W. Jorgenson Harvard University Presented to the ...
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ECONOMETRIC MODELING OF TECHNICAL CHANGE
byDale W. JorgensonHarvard University
Presented to the World Input-Output Database (WIOD) Conference
Vienna University of Technology
Vienna, Austria – May 26-28, 2010
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LIST OF SECTORS
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TESTS FOR OVER-IDENTIFICATION
Note: (1) The number of degrees of freedom for the LR test for each sector is 8.(2) The null hypothesis is that the instrumental variables are exogenous. (3) High p-values indicate that we cannot reject the null hypothesis of exogeneity.(4) The last column presents p-values adjusted for simultaneous inference.
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TESTS OF VALIDITY OF THE INSTRUMENTAL VARIABLES
Note: (1) Number of degrees of freedom for the LR test for each sector is 99.(2) The null hypothesis is that instrumental variables are uncorrelated with the endogenous independent variables.(3) Low p-values indicate that we can reject the null hypothesis of no correlation.
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ECONOMETRIC MODELING OF PRODUCER BEHAVIOR: SUMMARY.
Production Theory, Price Effects, and Share Elasticities.
Latent Variables, Rate, and Biases of Technical Change and the Kalman Filter.
Substitution and Technical Change Equally Important in Explaining Changes in Budget Shares.
Autonomous and Induced Technical Change. Generally Opposite in Sign; Autonomous Change Generally Positive; Induced Change Generally Negative and Much Less Important.
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