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1.
This paper estimates the factor elasticity of substitution of the aggregate production function and then uses these estimates to resolve two puzzles relating to the Euro Area. The paper is novel in three ways: First it uses the CES production technology in the empirical strategy to understand real world economic phenomena; second it uses a frontier empirical methodology; and third it uses a new dataset. 相似文献
2.
Elasticity of substitution and productivity, capital and skill intensity differences across firms 总被引:1,自引:1,他引:0
This paper, instrumented with six theorems, shows that differences between firms in labor productivity, capital intensity and relative demand for skilled labor can be explained by differences in the substitution parameters between capital, skilled and unskilled labor in the presence of skill biased technical change. 相似文献
3.
Unwrapping some euro area growth puzzles: Factor substitution, productivity and unemployment 总被引:1,自引:2,他引:1
In this paper, we estimate a long run supply-side system incorporating a CES production function with time-varying factor-augmenting technical progress for the euro area over the period 1970–2005. We find that the elasticity of substitution lies below unity at 0.7, that labor-augmenting technical progress is dominant in the long run while capital-augmenting technical progress plays an important role in the interim period. Importantly, we also find evidence of a structural break in the pattern of biased technical progress towards the end of the 1990s. Our results help to solve two puzzles in Europe’s recent growth experience which differ markedly from the US experience. The first is related to the effects of the IT boom in the 1990s on productivity growth in Europe. The second puzzle concerns the changes in the “Okun’s law” relationship, linking growth to the reduction of unemployment, which are observable in Europe since the late 1990s. 相似文献
4.
借助不变替代弹性生产函数,利用1985—2013年中国的相关数据,测算了中国技术进步的总体偏向性以及资本增强型技术进步和劳动增强型技术进步的变化速率。结果表明:资本与劳动的替代弹性约为0.402,资本与劳动呈现互补特征,且中国的技术进步呈资本偏向性。指出:从技术进步偏向看,独立自主的发展方针、实现国家工业化的目标以及资本和技术的缺乏共同导致了目前中国的技术进步偏向;中国工业化向高技术发展仍会加强技术进步的资本偏向性,并将引发一系列问题。认为短期内中国仍需维持一定规模的传统劳动密集型产业,长期应大力发展人力资本密集的现代服务业等第三产业。 相似文献
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技术进步偏向对要素收入份额的影响——基于中国工业行业数据的研究 总被引:1,自引:0,他引:1
本文利用CES生产函数考察了技术进步偏向与资本一劳动收入份额比值之间的关系,并利用中国工业1979—2011年的数据进行了实证分析。估计结果表明:中国工业的要素替代弹性大于0小于1;资本增强型技术进步变化率小于劳动增强型技术进步变化率,1987年后工业技术进步为劳动节约型的,资本一劳动收入份额比值提高;资本深化、技术进步偏向、外商直接投资以及国际贸易是我国工业资本收入份额持续上升、劳动收入份额持续下降的主要原因,其中劳动节约型技术进步对要素收入份额失衡的影响最大。工业要素分配份额的演变直接体现了国民收入分配格局的失衡,也间接拉大了我国居民之间的收入差距。 相似文献
7.
The implications of ICT on wage inequality are studied by applying a CES production function with skilled and unskilled labour. Skill-biased technological change increases wage inequality. The result is reinforced in a two-sector general equilibrium model if the income elasticity of the demand for high-tech goods and the elasticity of substitution between final goods are larger than one. 相似文献
8.
ABSTRACTThe implications of national or regional energy policies for technical efficiency and environmental outcomes in electricity generation depend on fossil fuel input substitution. This study uses state level data to examine fossil fuel (coal and natural gas) substitution in electricity generation under increased availability of natural gas in the United States. We observe that changes in elasticities of substitution from pre-2009 to post-2009 differ across states suggesting that the effects of increased availability of inexpensive natural gas on electricity generation have been spatially heterogeneous. We rely on the observed heterogeneity to assess the effects of fossil fuel input substitution on technical efficiency and CO2 emissions. The results reveal that state level elasticity of substitution between natural gas and coal has a positive effect on technical efficiency and a negative effect on CO2 emissions. Therefore, future policy design and analyses should reflect the implications for regional elasticities of fossil fuel substitution and associated environmental outcomes. 相似文献
9.
Summary. It is often asserted that the more substitutable capital and labor are in the aggregate production the more rapidly an economy
grows. Recently this has been formally confirmed within the Solow model by Klump and de La Grandville (2000). This paper demonstrates
that there exists no such monotonic relationship between factor substitutability and growth in the Diamond overlapping-generations
model. In particular, we prove that, if capital and labor are relatively substitutable, a country with a greater elasticity
of substitution exhibits lower per capita output growth in transit and in steady state.
Received: October 27, 2001; revised version: February 25, 2002 相似文献
10.
ABSTRACTWe demonstrate that unit errors of measurement will lead to significant biases in estimating the constant elasticity of substitution (CES) function. Monte-Carlo simulations show that estimation results tend to reach Cobb–Douglas (CD) functions or extreme values if units of input variables are incorrectly used. To avoid this problem, we suggest adding an overall efficiency parameter and a unit correction parameter which is similar to biased technological change parameter when estimating CES functions. Any unit error of measurement can be captured by these two parameters while allowing researchers to get unbiased estimation results of other parameters. 相似文献
11.
Olivier de La Grandville 《Journal of Economics》1997,66(1):23-34
This paper demonstrates that, contrary to deeply rooted beliefs, there is no link between curvature and the elasticity of substitution. We show that there is no direct, nor inverse, relationship between the two concepts, if curvature of the isoquant is defined either in its strict mathematical sense or as the isoquant's second derivative. We finally suggest to view the elasticity of substitution as an efficiency parameter. 相似文献
12.
This paper proposes an indirect method for making empirical inference on the elasticity of substitution between capital and labor. The idea is that estimates of the elasticity may be retrievable from theory derived behavioral equations, by conducting comparative statics with respect to this parameter. This approach is readily applicable to more realistic models than those which are commonly used to derive estimates of the substitution elasticity. It is demonstrated that the conventional approach does not yield sensible estimates on quarterly Finnish manufacturing data. By applying the indirect method, a long-run empirical relationship is found that is consistent with an elasticity of substitution below one. 相似文献
13.
Harri Ramcharran 《Empirical Economics》2001,26(3):515-524
In light of the textile industry's growing foreign competition, trade deficit and job loss, we estimate its productivity
and efficiency for the period 1975–93 utilizing a variable elasticity of substitution production function. The results indicate
that, despite job losses, the industry adjusted by increasing labor productivity and maintaining fairly stable profits. This
performance does not warrant protectionist policies. However, with an elasticity of factor substitution less than one and
decreasing, the impact of factor price increases could result in higher apparel prices and preference for cheaper imports.
Furthermore, with an elasticity of capital output rapidly decreasing, significant technological improvements will be required
to improve competitiveness since textile production is capital intensive. Recently revised rules on trade liberalization could
increase competition in the industry.
First version received: October 1999/Final version received: August 2000 相似文献
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Micro-foundation for a constant elasticity of substitution production function through mechanization
We consider an increase in the range of capital use as a form of mechanization. A constant elasticity of substitution (CES) production function is dynamically derived from Leontief production functions through the endogenous complementary relationship between capital accumulation and mechanization. This implies that a CES production function can be resolved into technological change that does not involve changes in total factor productivity. Furthermore, using the normalizing procedure of the CES production function developed by de La Grandville [de La Grandville, O., 1989. In quest of the Slutsky diamond. American Economic Review 79, 468–481], we investigate how mechanization is related to the elasticity of substitution in our endogenous growth model. 相似文献
16.
Gregor Semieniuk 《Review of Political Economy》2017,29(1):64-79
This article examines Thomas Piketty’s explanation of a falling wage share. Piketty explains rising income inequality between labor and capital as a result of one parameter of a production function: an elasticity of substitution, σ, between labor and capital greater than one. This article reviews Piketty’s elasticity argument, which relies on a non-standard definition of capital. In light of the theory of land rent, it discusses why the non-standard capital definition is a measure of wealth, not capital and is problematic for estimating elasticities. It then presents simple long-run estimates of σ in constant elasticity of substitution functions for Piketty’s data as well as for a subset of his capital measure that comes closer to the standard definition of productive capital. The estimation results cast doubt on Piketty’s hypothesis that σ is greater than one. 相似文献
17.
We re-estimate the capital-labor elasticity of substitution and the biased factor-augmenting technological progress using a system approach for the aggregate U.S. economy from 1948 to 2010. Due to (i) the significant impacts of labor market dynamics on economic growth and (ii) the fundamental tension between the short-run data that are available and the long-run parameter that is required in the estimation process, we incorporate labor market friction into a supply-side system to re-estimate these important growth parameters and to explore their sensitivity to the incorporation of labor market friction. Our estimation obtains a significantly smaller-than-unity elasticity of substitution. This result is consistent with labor input measured along the extensive and intensive margin, and in both competitive and imperfect labor markets. Technological progress tends to be purely labor-augmenting, with the average growth rate around 2% per year. These findings are robust to alternatively constructed data sets and different estimation strategies. 相似文献
18.
Takashi Kamihigashi 《Journal of Economics》2000,72(1):67-79
For infinite-horizon models with recursive preferences the condition known as increasing marginal impatience is often adopted, but the condition is not fully understood in the literature. This paper shows that increasing marginal impatience is equivalent to the intuitive property that the substitutability between the consumption levels in two different periods is a decreasing function of the distance between the periods. 相似文献
19.
Unemployment, wage bargaining and capital-labour substitution 总被引:2,自引:0,他引:2
Many economists believe that capital accumulation, technicalprogress and labour force expansion have no lasting effect onunemployment. This view rests on the empirically doubtful assumptionthat the elasticity of substitution between labour and capitalis equal to unity (i.e., production is Cobb-Douglas). Usinga simple model based on the work of Layard, Nickell and Jackman,this paper demonstrates that, with a lower elasticity of substitution,the equilibrium unemployment rate is affected by all of theabove factors. It considers briefly how capital accumulationmay be endogenised and what long-run implications this has forunemployment. 相似文献
20.
We use a Dixit-Stiglitz setting to show that aggregate productivity fluctuations can be generated through changes in the dispersion of firms’ productivity. When the elasticity of substitution among goods is larger than one, an increase in the dispersion raises aggregate productivity because firms at the top of the distribution produce most of output. When the elasticity is smaller than one, an increase in the dispersion reduces aggregate productivity because firms at the bottom of the distribution use most of inputs. We use individual firm level data from Spanish manufacturing firms to test the relationship between the dispersion of firms’ productivity and aggregate productivity. The estimated coefficients are consistent with the predictions of the model: we find that an increase in the coefficient of variation of firms productivity of 1% increases aggregate productivity by 0.16% in sectors with an elasticity of substitution larger than one while the same increase in the standard deviation reduces aggregate productivity by 0.36% in sectors with an elasticity of substitution smaller than one. 相似文献