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C. BianchiA reappraisal of Verdoorn's law for the Italian economy, 1951‐1997
D. MarinIs the export‐led growth hypothesis valid for industrialized countries?
A. Angeriz, J.S.L. McCombie, M. RobertsNew estimates of returns to scale and spatial spillovers for EU regional manufacturing: 1986‐2002
A. MaddisonPer capita output in the long run
J.S.L. McCombieIncreasing returns and the Verdoorn law from a Kaldor perspective
S. D'Acunto, S. Destefanis, M. MusellaExports, supply constraints and growth: an investigation using regional data
J.S.L. McCombieEconomic growth”, Kaldor's laws and the static‐dynamic Verdoorn law paradox. Applied Economics
J. SarganThe estimation of economic relationships using instrumental variables
N. KaldorStrategic Factors in Economic Development
A. YoungIncreasing returns and economic progress
R.E. RowthornA reply to Lord Kaldor's comment
M.A. Leòn‐LedesmaAccumulation, innovation and catching‐up: an extended cumulative growth model
J.D. Angrist, A.B. KruegerInstrumental variables and the search for identification: from supply and demand to natural experiments
F. Targetti, A. FotiGrowth and productivity: a model of cumulative growth and catch‐up
R.I.D. Harris, E. LauVerdoorn's law and increasing returns to scale in the UK regions, 1968‐91: some new estimates based on the cointegration approach
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P.M. RomerIncreasing returns and long‐run growth
D. Staiger, J.H. StockInstrumental variable regression with weak instruments
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P.M. RomerEndogenous technological change
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F. OfriaL'approccio Kaldor Verdoorn: una verifica empirica per il Centro‐Nord e il Mezzogiorno d'Italia (anni 1951‐2006)
J.H. Stock, M. YogoTesting for weak instruments in linear IV regression
A. Mikusheva, B.P. PoiTests and confidence sets with correct size when instruments are potentially weak
D. FrantzenTechnology, competitiveness and specialisation in OECD manufacturing
M.G. FinnPerfect competition and the effects of energy price increases on economic activity
M.J. PeräläIncreasing returns in the aggregate: fact or fiction?
G.A. BernatDoes manufacturing matter? A spatial econometric view of Kaldor's law
R.E. RowthornWhat remains of Verdoorn's law?
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G. VaciagoIncreasing returns and growth in advanced economies: a re‐evaluation
J.H. Stock, J.H. Wright, M. YogoA survey of weak instruments and weak identification in generalized method of moments
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T.W. Anderson, N. Kunitomo, T. SawaEvaluation of the distribution function of the limited information maximum likelihood estimator
B. Soro‘Fattori che regolano lo sviluppo della produttività del lavoro’ fifty years on
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Purpose – The aim of this study is to investigate the validity of the Kaldor‐Verdoorn's law in explaining the long‐run determinants of the labor productivity growth for the manufacturing sector of some developed economies (Western European Countries, Australia, Canada, Japan and the USA). Design/methodology/approach – The authors consider the period 1973‐2006 using data provided by the European Commission – Economics and Financial Affairs. The method is instrumental variable. The robustness of estimates is checked by means of the Chow and the CUSUM and CUSUMQ tests. The authors consider the traditional specification of the dynamic Verdoorn law and the one which also includes investment to output ratio (I/Y), as a proxy of the capital growth rate, and the average labor cost growth, as a proxy of supply factors. Findings – The findings suggest that the law is valid for the manufacturing as countries show increasing returns to scale. Capital growth and labor cost growth do not appear important in explaining productivity growth. The estimated Verdoorn coefficients are found to be substantially stable throughout the period. Originality/value – The authors consider the most recent years, which has been characterized by a constant decline in the average GDP growth rates; a productivity growth decline; the long‐term reduction in the manufacturing share of total employment. The authors examine the importance of alternative hypotheses such as those related to the existence of supply constraints. The authors check the stability of the KVL throughout the period under the consideration and across countries. The authors evaluate whether, in the case of the developed countries, economies of scale are significant.
Journal of Economic Studies – Emerald Publishing
Published: Jan 7, 2014
Keywords: Increasing returns; Kaldor‐Verdoorn law; Manufacturing sector; Productivity growth
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