Hansen, Sten; Lindström, Tomas - In: Journal of Monetary Economics 56 (2009) 3, pp. 378-389
While using detailed firm-level data from the private business sector, this study identifies two empirical puzzles: (i) returns-to-scale (RTS) parameter estimates rise at higher levels of data aggregation and (ii) estimates from the firm level suggest decreasing returns to scale. The analysis...