Many growth models assume that aggregate output is generated by a Cobb-Douglas production function. In this article we question the empirical relevance of this specification. We use a panel of 82 ...

Kaldor put forward his technical progress function as an alternative to the neoclassical aggregate production function. It is shown that Verdoorn's law is its empirical counterpart, although allowing ...

In GIMF instead, as in other DSGE models, tariffs act as a disincentive to factor utilization. We show that the two models/channels can be broadly interpreted as capturing the impact of tariffs on ...