Cointegration of output, capital, labor, and energy |
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| Authors: | R. Stresing D. Lindenberger R. Kümmel |
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| Affiliation: | (1) Institute for Theoretical Physics and Astrophysics, University of Würzburg, 97074 Würzburg, Germany;(2) Institute of Physics and Center for Environmental and Sustainability Research, University of Oldenburg, 26111 Oldenburg, Germany;(3) Institute of Energy Economics, University of Cologne, 50923 Cologne, Germany |
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| Abstract: | Cointegration analysis is applied to the linear combinations of the time series of (the logarithms of) output, capital, labor, and energy for Germany, Japan, and the USA since 1960. The computed cointegration vectors represent the output elasticities of the aggregate energy-dependent Cobb-Douglas function. The output elasticities give the economic weights of the production factors capital, labor, and energy. We find that they are for labor much smaller and for energy much larger than the cost shares of these factors. In standard economic theory output elasticities equal cost shares. Our heterodox findings support results obtained with LINEX production functions. |
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| Keywords: | KeywordHeading" >PACS 89.65.Gh Economics econophysics, financial markets, business and management 05.45.Tp Time series analysis |
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