THE HERMES MODEL
This final report consists of a detailed description of the data sources and data construction procedures used, as well as results on the estimation of the production model. In section II of the report the main principles of data construction for the production block are explained. In section III the construction of the working hour series, i.e. effective and conventional hours worked, is Section IV contains explanation of the construction of the social security data. Section V presents the results of the estimation of the production model for the three manufacturing sectors. The approach is the basic option of MS 17. Capacity and marginal values for inputs and output were constructed. Based on these, optimal scrapping age and investment horizon were calculated. Using the constructed variables, a two-level CES production function was estimated. Capital and energy were included in one subfunction and labour and other inputs in the other. In section IV the results for the estimation of the investment functions are reported.
Bibliographic Reference: EUR 9698 EN, MF, 1985, 323 P., BFR 600. BLOW-UP COPY BFR 1620, EUROFFICE, LUXEMBOURG, POB 1003
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Record Number: 1989123040900 / Last updated on: 1987-01-01
Available languages: en