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Pré-Publication, Document De Travail (Working Paper) Année : 2022

Is infrastructure capital really productive? Non-parametric modeling and data-driven model selection in a crosssectionally dependent panel framework

Résumé

This paper provides a broad replication of Calderón et al. (2015). We address some complex and relevant issues, namely functional form, non-stationary variables and cross-sectional dependence. In particular, by adopting the CCE framework, we consider both parametric-static and dynamic-and non-parametric specications, thus allowing for dierent degrees of exibility. Contrary to Calderón et al. (2015), we nd a lack of signicance of the infrastructure index, with an estimated elasticity very close to zero for all estimates. Moreover, by employing the data-driven model selection procedure proposed by Gioldasis et al. (2021), it is found that non-parametric specications provide the best predictive performance and that CCE models always overperform with respect to traditional panel data methods that employ cross-sectional demeaning to account for cross-sectional dependence.
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Dates et versions

hal-03685558 , version 1 (02-06-2022)

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  • HAL Id : hal-03685558 , version 1

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Antonio Musolesi, Giada Andrea Prete, Michel Simioni. Is infrastructure capital really productive? Non-parametric modeling and data-driven model selection in a crosssectionally dependent panel framework. 2022. ⟨hal-03685558⟩
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