On the Substitution of Private and Public Capital in Production

Nopic
Most macroeconomic models assume that aggregate output is generated by a specification for the production function with total physical capital as a key input. Implicitly this assumes that private and public capital stocks are perfect substitutes. In this paper we test this assumption by estimating a nested-CES production function whereas the two... READ MORE...

Publication date: November 2019
ISBN 9781513518572
$18.00

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Publication date: November 2019

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