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A Cross Country Estimation Of The Elasticity Of Substitution Between Labro And Capital In Manufacturing Industries
Download A Cross Country Estimation Of The Elasticity Of Substitution Between Labro And Capital In Manufacturing Industries full books in PDF, epub, and Kindle. Read online A Cross Country Estimation Of The Elasticity Of Substitution Between Labro And Capital In Manufacturing Industries ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis A Cross-country Estimation of the Elasticity of Substitution Between Labor and Capital in Manufacturing Industries by : Sebastian Claro
Download or read book A Cross-country Estimation of the Elasticity of Substitution Between Labor and Capital in Manufacturing Industries written by Sebastian Claro and published by . This book was released on 2002 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A cross-country estimation of the elasticity of substitution by : Sebastián Claro
Download or read book A cross-country estimation of the elasticity of substitution written by Sebastián Claro and published by . This book was released on 2002 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Cross-country Estimation of the Elasticity of Substitution Between Labro and Capital in Manufacturing Industries by : Sebastián Claro Edwards
Download or read book A Cross-country Estimation of the Elasticity of Substitution Between Labro and Capital in Manufacturing Industries written by Sebastián Claro Edwards and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Estimating the Elasticity of Substitution from International Manufacturing Census Data by : Merle Ina Yahr
Download or read book Estimating the Elasticity of Substitution from International Manufacturing Census Data written by Merle Ina Yahr and published by . This book was released on 1967 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Substitution Among Labor, Labor and Capital in United States Manufacturing by : James Howard Grant
Download or read book Substitution Among Labor, Labor and Capital in United States Manufacturing written by James Howard Grant and published by . This book was released on 1979 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Estimation of Industry-Level Capital-Labor Substitution Elasticities for U.S. Production by : Edward J. Balistreri
Download or read book An Estimation of Industry-Level Capital-Labor Substitution Elasticities for U.S. Production written by Edward J. Balistreri and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A key parameter that determines the distributional impacts of a policy shift in general equilibrium simulations is the elasticity of substitution between capital and labor. Using a rich new data set by the Bureau of Economic Analysis, we estimate substitution elasticities for 28 industries and provide an indication of the long- and short-run estimates. Given the structure of most growth models, we posit that the relationship between capital and labor is likely to be close to Cobb-Douglas. Our findings lend support to the Cobb-Douglas specification as a transparent starting point in simulation analysis.
Book Synopsis Empirical Studies of Input Substitutability in Production by : Diane Erickson Reedy
Download or read book Empirical Studies of Input Substitutability in Production written by Diane Erickson Reedy and published by . This book was released on 1985 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Estimates of Substitution Elasticities and Factor-Augmented Technical Changes by : Taoyuan Wei
Download or read book Estimates of Substitution Elasticities and Factor-Augmented Technical Changes written by Taoyuan Wei and published by . This book was released on 2016 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper estimates substitution elasticity between labor and capital in a constant elasticity of substitution (CES) production function based on the World Input-Output Database (WIOD, Timmer 2012). I estimate the elasticities and growth rates of factor-augmented technical progress based on the two first order conditions (FOCs) under the assumption of competitive profit-maximization producers. Taking into account for the capital as a fixed input and the labor as a variable input in the short term particularly within a year, I adopt the FOC with respect to capital where capital input is the explanatory variable and the FOC with respect to labor where wage rate is the explanatory variable. The results show that the industrial elastisities fall within a range from 0.4 to 0.9 and aggregate country-level elasticity is around 0.62. 90% of the estimated annual changes in factor-augmented technology fall within a range from -0.12 to 0.17. At the country level, 35 of the 40 countries exhibit net labor-augmenting technical progress.
Book Synopsis A Note on Alternative Estimates of Capital-labor Substitution in Developing Economies by : Kyu Sik Lee
Download or read book A Note on Alternative Estimates of Capital-labor Substitution in Developing Economies written by Kyu Sik Lee and published by . This book was released on 1973 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Elasticity of Substitution Between Capital and Labor and Its Applications to Growth and Development by : Samuel D. Pessoa
Download or read book Elasticity of Substitution Between Capital and Labor and Its Applications to Growth and Development written by Samuel D. Pessoa and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates the elasticity of substitution of an aggregate production function. The estimating equation is derived from the steady state of a neoclassical growth model. The data comes from the PWT in which different countries face different relative prices of the investment good and exhibit different investment-output ratios. Then, taking advantage of this variation we estimate the long-run elasticity of substitution. Using various estimation techniques, we find that the elasticity of substitution is 0.7, which is lower than the elasticity, 1, that is traditionally used in macro-development exercises. We show that this lower elasticity reinforces the power of the neoclassical model to explain income differences across countries as coming from differential distortions.
Download or read book Development Digest written by and published by . This book was released on 1976 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: A quarterly journal of excerpts, summaries and reprints of current materials on economic and social development.
Book Synopsis The Elasticity of Substitution Between Capital and Labour in the Us Economy by : Michael Knoblach
Download or read book The Elasticity of Substitution Between Capital and Labour in the Us Economy written by Michael Knoblach and published by . This book was released on 2020 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite extensive research, there is no agreement on the value of the elasticity of substitution between capital and labour at the aggregate or the industrial level. Utilizing 2,419 estimates from 77 studies published between 1961 and 2017, this paper provides the first meta-regression analysis for the US economy. We show that the heterogeneity in previously reported estimates is driven primarily by modelling decisions for technological dynamics. Throughout the analysis, the hypothesis of a Cobb-Douglas production function is rejected. Based on our meta-regression sample, we estimate a long-run meta-elasticity for the aggregate economy in the range of 0.45-0.87. Most industrial estimates do not deviate significantly from the estimate for the aggregate economy.
Book Synopsis Applying General Equilibrium by : John B. Shoven
Download or read book Applying General Equilibrium written by John B. Shoven and published by Cambridge University Press. This book was released on 1992-05-29 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: The central idea underlying this work is to convert the Walrasian general equilibrium structure (formalized in the 1950s by Kenneth Arrow, Gerard Debreu and others) from an abstract representation of an economy into realistic models of actual economies.
Book Synopsis Distributional Effects of Environmental and Energy Policy by : Don Fullerton
Download or read book Distributional Effects of Environmental and Energy Policy written by Don Fullerton and published by Routledge. This book was released on 2017-05-15 with total page 518 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many effects of environmental and energy policy are likely to disproportionately burden those with low income. First, it raises the price of fossil-fuel-intensive products that constitute a high fraction of low-income budgets (like gasoline, heating fuel and electricity). Second, the handout of pollution permits to firms provides value to those who own them. Third, low-income individuals may place more value on food and shelter than on improvements in environmental quality, so high-income individuals may get the most benefit of pollution abatement. Fourth, air quality improvements may raise the value of houses owned by landlords, rather than helping renters. These effects might all hurt the poor more than the rich. This book brings together the seminal economics literature that studies whether these fears are valid and whether anything can be done about them.
Book Synopsis On the Substitution of Private and Public Capital in Production by : Zidong An
Download or read book On the Substitution of Private and Public Capital in Production written by Zidong An and published by International Monetary Fund. This book was released on 2019-11-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most macroeconomic models assume that aggregate output is generated by a specification for the production function with total physical capital as a key input. Implicitly this assumes that private and public capital stocks are perfect substitutes. In this paper we test this assumption by estimating a nested-CES production function whereas the two types of capital are considered separately along with labor as inputs. The estimation is based on our newly developed dataset on public and private capital stocks for 151 countries over a period of 1960-2014 consistent with Penn World Table version 9. We find evidence against perfect substitutability between public and private capital, especially for emerging and LIDCs, with the point estimate of the elasticity of substitution estimated closely around 3.
Book Synopsis Micro Data and the Macro Elasticity of Substitution by : Ezra Oberfield
Download or read book Micro Data and the Macro Elasticity of Substitution written by Ezra Oberfield and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We estimate the aggregate elasticity of substitution between capital and labor in the US manufacturing sector. We show that the aggregate elasticity of substitution can be expressed as a simple function of plant level structural parameters and sufficient statistics of the distribution of plant input cost shares. We then use plant level data from the Census of Manufactures to construct a local elasticity of substitution at various levels of aggregation. Our approach does not assume the existence of a stable aggregate production function, as we build up our estimate from the cross section of plants at a point in time. Accounting for substitution within and across plants, we find that the aggregate elasticity is substantially below unity at approximately 0.7. Lastly we assess the sources of the bias of aggregate technical change from 1987 to 1997. We find that the labor augmenting character of aggregate technical change is due almost exclusively to labor augmenting productivity growth at the plant level rather than relative growth in capital intensive plants.
Book Synopsis Measuring Capital-labor Substitution by : Sebastian Gechert
Download or read book Measuring Capital-labor Substitution written by Sebastian Gechert and published by . This book was released on 2021 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that the large elasticity of substitution between capital and labor estimated in the literature on average, 0.9, can be explained by three issues: publication bias, use of cross-country variation, and omission of the first-order condition for capital. The mean elasticity conditional on the absence of these issues is 0.3. To obtain this result, we collect 3,186 estimates of the elasticity reported in 121 studies, codify 71 variables that reflect the context in which researchers produce their estimates, and address model uncertainty by Bayesian and frequentist model averaging. We employ nonlinear techniques to correct for publication bias, which is responsible for at least half of the overall reduction in the mean elasticity from 0.9 to 0.3. Our findings also suggest that a failure to normalize the production function leads to a substantial upward bias in the estimated elasticity. The weight of evidence accumulated in the empirical literature emphatically rejects the Cobb-Douglas specification.
