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THE NORMALIZED CES PRODUCTION FUNCTION THEORY AND EMPIRICS

Based on a review of the current performance values for Alberta mills, other Canadian mills, and top performing mills in the U.S. and to allow sufficient flexibility for plant operations during shutdown, start-up and upset conditions, Alberta’s standards for AOX are a monthly average of 0.5 kg/ADt and a daily maximum of 1.0 kg/ADt for both new and existing mills. The values are applicable at approval renewal for existing pulp and paper mills, and applied directly to any new mills. Figure 3 presents Alberta’s standard in comparison to the actual performance values of mills in Alberta, Canada, Europe. | EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1294 I FEBRUARY 2011 THE NORMALIZED CES PRODUCTION FUNCTION THEORY AND EMPIRICS by Rainer Klump Peter McAdam and Alpo Willman EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1294 I FEBRUARY 2011 THE NORMALIZED CES PRODUCTION FUNCTION THEORY AND EMPIRICS1 by Rainer Klump 2 Peter McAdam 3 and Alpo Willman 4 NOTE This Working Paper should not be reported as representing the views of the European Central Bank ECB . The views expressed are those of the authors and do not necessarily reflect those of the ECB. In 2011 all ECB publications feature a motif taken from the 100 banknote. This paper can be downloaded without charge from http www.ecb.europa.eu or from the Social Science Research Network electronic library at http ssrn.com abstract_id 1761410. Ì We thank Cristiano Cantore Jakub Growiec Olivier de La Grandville Miguel León-Ledesma and Ryuzo Sato for comments past collaborations and support. 2 Goethe University Frankfurt am Main Center for Financial Studies. 3 European Central Bank Kaiserstrasse 29 D-60311 Frankfurt am Main Germany email peter.mcadam@ecb.europa.eu. McAdam is also visiting professor at the University of Surrey. 4 European Central Bank Kaiserstrasse 29 D-60311 Frankfurt am Main Germany email Alpo.Willman@ecb. europa.eu European Central Bank 2011 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Internet http www.ecb.europa.eu Fax 49 69 1344 6000 All rights reserved Any reproduction publication and reprint in the form of a different publication whether printed or produced electronically in whole or in part is permitted only with the explicit written authorisation of the ECB or the authors. Information on all of the papers published in the ECB Working Paper Series can be found on the ECB s website http www. ecb.europa.eu pub scientific wps date html index.en.html ISSN 1725-2806 online