Reassessing the classical investment function: a panel data analysis from NAFTA-USMCA
This study applies the second generation of panel cointegration techniques in conjunction with those estimators that control cross-sectional dependence to test the plausibility of the classical approach to capital accumulation in Canada, Mexico, and the United States from 1960 to 2019 empirically. T...
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| Tipo de recurso: | artículo |
| Fecha de publicación: | 2022 |
| País: | España |
| Institución: | Universidad Complutense de Madrid (UCM) |
| Repositorio: | Docta Complutense |
| Idioma: | inglés |
| OAI Identifier: | oai:docta.ucm.es:20.500.14352/104630 |
| Acceso en línea: | https://hdl.handle.net/20.500.14352/104630 |
| Access Level: | acceso abierto |
| Palabra clave: | B12 C33 C52 E10 E22 Investment Cross-sectional dependence Causality NAFTA USMCA Econometría (Economía) Desarrollo económico Estructura económica 53 Ciencias Económicas |
| Sumario: | This study applies the second generation of panel cointegration techniques in conjunction with those estimators that control cross-sectional dependence to test the plausibility of the classical approach to capital accumulation in Canada, Mexico, and the United States from 1960 to 2019 empirically. The findings suggest that private investment is positively related to the profit rate, unit labour costs, and growth in demand both in the short and long-run, while the causality analysis indicates potential feedback loops between the variables. |
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