Quasi‐fixed inputs and long‐run equilibrium in production: a cointegration analysis
生产中的准固定投入与长期均衡:协整分析
Abstract This paper proposes a cointegration approach to testing the validity long‐run equilibrium in production, where capital and labour are taken as quasi‐fixed inputs. Previous studies consider only capital as the quasi‐fixed input and do not take account of the time series properties of the variables, assuming implicitly that they are stationary. The canonical cointegrating regressions (CCR) procedure is employed to test for cointegration in both the single‐equation and…