Aggregate returns to scale: why measurement is imprecise. From: Federal Reserve Bank of Minneapolis Quarterly Review | Date: June 22, 1999| Author: Cole, Harold L.; Ohanian, Lee E. | COPYRIGHT 1999 Federal Reserve Bank of Minneapolis. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

The value of aggregate returns to scale, used in the study of the sources of business cycle shocks, is difficult to measure due mainly to an identification problem. Researchers find this identification problem difficult to solve, resulting in estimates that cover a broad range of values. A more precise measurement would require more varied inputs, but while it is difficult to distinguish constant returns from increasing returns that are huge enough to yield sunspot equilibria, it would also b...

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