The elasticities of substitution of inputs: A case study of Canada

Zusammenfassung Die Substitutionselastizit?ten der Inputs: Eine Fallstudie für Kanada.-Dieser Aufsatz analysiert die Rolle der realen Kassenbest?nde als Produktionsfaktor in der kanadischen Wirtschaft von 1947-1973. Unter Verwendung einer Translog-Kostenfunktion mit drei Faktoren wird best?tigt, da? Geld von realen Faktoren nicht getrennt werden kann und in den Produktionsproze? ebenso eingeht wie prim?re Inputs. Paarweise werden partielle Substitutionselastizit?ten für Kapital, Arbeit und realen Kassenbestand gesch?tzt sowie die Elastizit?ten der Nachfrage nach Inputs in bezug auf den eigenen Preis. Die realen Kassenbest?nde verhalten sich w?hrend der untersuchten Periode wie Substitute für Kapital, sind aber komplement?r zum Faktor Arbeit. Au?erdem haben die Elastizit?ten der Nachfrage in bezug auf den eigenen Preis die theoretisch korrekten negativen Vorzeichen und sind kleiner als Eins.

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Résumé Les élasticités de substitution des inputs: une étude de cas pour le Canada. -Dans cet article l'auteur analyse le r?le des balances réelles comme facteur de production dans l'économie canadienne, 1947-1973. En utilisant une fonction des co?ts trans-log à trois facteurs il vérifie que la monnaie n'est pas séparable des facteurs réels et entre dans le processus de production comme d'autres ressources primaires. Les élasticités partielles de substitution par paires sont estimées pour le capital, la main d'oeuvre et des balances réelles ensemble avec les élasticités d'auto-prix de la demande de ressources. Les balances réelles se comportent comme substituts pour le capital mais comme compléments à la main d'oeuvre pendant toute la période d'observation. De plus, les élasticités d'auto-prix ont les signes négatifs théoriquement corrects et sont inélastiques.

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Resumen La elasticidad de sustituci?n de insumos: el caso del Canadá. -Este trabajo analiza el papel que juega el dinero en términos reales como factor de producción en la economía canadiense en el período 1947-1973. Utilizando una funcíon de costos logarítmica con tres factores se verifica que le dinero no es separable de los factores reales, y que forma parte del proceso de producción al igual que los insumos primarios. Se estima la elasticidad de sustitución parcial para pares de los factores capital, trabajo y dinero, y la elasticidad de demanda para cada uno de estos insumos. El dinero se comporta como sustituto de capital pero como factor complementario a trabajo en el período muestral. Además, las elasticidades de demanda para cada uno de los insumos presentan los signos negativos esperados y resultan no elásticas.

     

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