Duffy, John; Papageorgiou, Chris - In: Journal of Economic Growth 5 (2000) 1, pp. 87-120
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)...