Antonio Musolesi, Davide Golinelli, Massimiliano Mazzanti
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Abstract
This paper introduces a novel semiparametric econometric framework for policy evaluation and estimates a green knowledge production function for a large, 30-year panel dataset of high-income countries. Due to the substantial uncertainty in the data-generating process and the potential presence of nonlinearities and latent common factors, the paper explores semiparametric panel specifications that go beyond interactive fixed effects fully parametric models. The findings suggest that (i) the semiparametric additive specification with individual time trends is the preferred model, (ii) threshold effects and nonlinearities are salient features of the data that parametric specifications fail to capture, and (iii) the impact of environmental policy is noteworthy and exhibits clear heterogeneity when modelled as a nonparametric function of specific knowledge inputs. The evidence reveals a significant nonlinear policy inducement effect stemming from R&D investments.
期刊介绍：
Empirical Economics publishes high quality papers using econometric or statistical methods to fill the gap between economic theory and observed data. Papers explore such topics as estimation of established relationships between economic variables, testing of hypotheses derived from economic theory, treatment effect estimation, policy evaluation, simulation, forecasting, as well as econometric methods and measurement. Empirical Economics emphasizes the replicability of empirical results. Replication studies of important results in the literature - both positive and negative results - may be published as short papers in Empirical Economics. Authors of all accepted papers and replications are required to submit all data and codes prior to publication (for more details, see: Instructions for Authors).The journal follows a single blind review procedure. In order to ensure the high quality of the journal and an efficient editorial process, a substantial number of submissions that have very poor chances of receiving positive reviews are routinely rejected without sending the papers for review.Officially cited as: Empir Econ
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