This paper re-estimates the constant-elasticity-of-substitution (CES) specification of aggregate production function using newly constructed annual data on physical and human capital stocks for a panel of 134 countries observed over the period 1960-2011. In our estimation, we allow parameters to...

In order to obtain plausible scenarios of economic development in Romania up to the 2015 horizon, we used a mix of forecasting models, from ones classified as “medium-term” to those covering longer forecasting periods. Based on the analysis of the economic transition period we mainly used...

We generalize the normalized Constant Elasticity of Substitution (CES) production function by allowing the elasticity of substitution to vary isoelastically with (i) relative factor shares, (ii) marginal rates of substitution, (iii) capital–labor ratios, or (iv) capital–output ratios....

This paper performs a nonlinear estimation of a normalized CES production function within a system of equations with a panel of Spanish regions for the period 1964-2013. It obtains an elasticity of substitution below one and identifies different rates of factor-augmenting technical progress. The...

The paper sets a goal to assess the significance of production progress and human capital for the Latvian economy and to estimate long-term growth rates of the country's economic development. The authors made an attempt to construct a production function using non-linear modelling. In order to...

We construct 14 alternative measures of technological progress for 19 OECD countries over the period 1970–2000, distinguishing between measures of productivity gains actually obtained in a given country (TFP growth, Malmquist index) and technological progress at the world technology frontier...

We construct 14 alternative measures of technological progress for 19 OECD countries over the period 1970--2000, distinguishing between measures of productivity gains actually obtained in a given country (TFP growth, Malmquist index) and technological progress at the world technology frontier...

In this paper, we apply the aggregate production function to approximate the path of potential output. We use a time-varying NAIRU to derive the amount of potential labour and a newly developed measure of capital services to account for the productive impact of capital. In addition, trend total...

When the contribution of capital to aggregate production is to be quantified, a measure of capital services should be used. In this paper I present two experimental measures of capital services for the Czech economy using the OECD methodology. These measures use information on the structure of...

This paper deals with the Czech economy supply side performance from the macroeconomic point of view. In order to evaluate the supply side behaviour we calculate the potential output dynamic path and contribution of its particular determinants using the production function method. The results...