Estimates of the long-run growth rate of Singapore with a CES production function

Rao, B. Bhaskara and Shankar, Sriram (2011): Estimates of the long-run growth rate of Singapore with a CES production function.

Abstract

This paper estimates with the Bayesian methods a CES production function for Singapore for 1960-2009. It is found that the elasticity of substitution is 0.6, technical progress is labour augmenting and the steady state growth rate of Singapore is about 1.8%.

• Item Type: MPRA Paper
• Language: English
• Keywords: Bayesian methods, CES production function and Technical progress
• Subjects: D - Microeconomics > D2 - Production and Organizations > D24 - Production ; Cost ; Capital ; Capital, Total Factor, and Multifactor Productivity ; Capacity; C - Mathematical and Quantitative Methods > C1 - Econometric and Statistical Methods and Methodology: General > C11 - Bayesian Analysis: General

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