Diewert, Walter E. (contributor) - 2005
(1942), who
econometrically estimated an aggregate production function that had a time trend as an
exogenous variable. The … yields estimates closer to the
“truth”? The use of an instrumental variable method of estimation will not resolve the … an R&D stock variable.
20
There is no time
trend in the regression so the R&D stock variable picks up not only the …