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| Author: | Temple, J. |
| Title: | Equipment investment and the Solow model |
| Journal: | Oxford Economic Papers
1998 : JAN, VOL. 50:1, p. 39-62 |
| Index terms: | EQUIPMENT INVESTMENT ECONOMIC GROWTH ECONOMETRIC MODELS |
| Language: | eng |
| Abstract: | This study investigates the correlation between equipment investment and economic growth and its compatibility with the Solow model. The study improves on previous work by starting from an explicit theoretical model, using data on human capital, taking a rigorous approach to outliers, using instrumental variables and taking unobserved heterogeneity into account. The study estimates rates of return to investment and their precision. The implied returns to equipment investment are very in developing countries. |
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