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An Inter-Industry Translog Model of Prices and Technical Change for the West German Economy (Paperback, Softcover reprint of the original 1st ed. 1984)
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An Inter-Industry Translog Model of Prices and Technical Change for the West German Economy (Paperback, Softcover reprint of the original 1st ed. 1984)
Series: Lecture Notes in Economics and Mathematical Systems, 221
Expected to ship within 10 - 15 working days
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This book presents the results of a research project which has been
carried out in the Special Research Unit (Sonderforschungs-
bereich) 21 at Bonn University. It is a part of the current
research on disaggregated econometric forecasting models with a
fully integrated input-output system with variable input co-
efficients where prices are explained as dual variables of the
underlying production model. A similar approach has already been
used by Knut KUbler "Ein disaggregiertes Prognosesystem fUr die
Bundesrepublik, die Unternehmenssektoren", Meisenheim am Glan,
1977. But KUbler assumed Cobb-Douglas production functions. Mean-
while a new approach has been suggested by Jorgenson and others,
using more flexible forms of functions, e. g. the translog function
as an approximation to any reasonable neo-classical production
function, see Hudson and Jorgenson "US Energy Policy and Economic
Growth, 1975 - 2000", Bell Journal of Economics and Management
SCience, Vol. 5 (1974), page 461 ff. ~ Jorgenson and Fraumeni,
"Substitution and Technical Change in Production", Discussion paper
No. 752, Harvard Institute of Economic Research, Harvard
University, Cambridge/Mass. (1 980) ~ Friede, "Investigation of
Producer Behavior in the FRG using the Translog Price Function",
Cambrigde/Mass. (1980). Krelle and Pallaschke "A General Demand
System", Zeitschrift fUr Nationalokonomie 41 (1981), page 223 ff.
suggested another approximation using a Taylor expansion of any
reasonable demand system. Nakamura follows the lines of Jorgenson
and his collaborators but extends them into new areas and reaches
much better results.
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