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Elasticity Of Substitution Between Capital And Labor
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Book Synopsis What Determines the Elasticity of Substitution Between Capital and Labor? A Literature Review by : Michael Knoblach
Download or read book What Determines the Elasticity of Substitution Between Capital and Labor? A Literature Review written by Michael Knoblach and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On the Elasticity of Substitution Between Capital and Labor by : Michael Knoblach
Download or read book On the Elasticity of Substitution Between Capital and Labor written by Michael Knoblach and published by . This book was released on 2021 with total page 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.
Book Synopsis Elasticity of Substitution Between Capital and Labor by : Samuel de Abreu Pessôa
Download or read book Elasticity of Substitution Between Capital and Labor written by Samuel de Abreu Pessôa and published by . This book was released on 2003 with total page 60 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 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 Unemployment, Capital-Labor Substitution, and Economic Growth by : Mr.Bob Rowthorn
Download or read book Unemployment, Capital-Labor Substitution, and Economic Growth written by Mr.Bob Rowthorn and published by International Monetary Fund. This book was released on 1999-03-01 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the influence of economic growth on the equilibrium unemployment rate (NAIRU). It examines how income distribution and the NAIRU are influenced by capital formation, technical progress, and labor force expansion, and how these factors’ impact depends on the elasticity of substitution between capital and labor. The paper distinguishes between the short-run NAIRU when capital stock is exogenous, and the long-run NAIRU when it is endogenous. It also considers how the analysis must be modified to take into account Keynesian ideas concerning the role of aggregate demand. It concludes that unless the capital stock grows in line with labor supply in efficiency units, the short-run NAIRU will increase, reducing the scope for demand stimulation.
Book Synopsis Sectoral elasticities of substitution between capital and labor in a developing economy by : Jere R. Behrman
Download or read book Sectoral elasticities of substitution between capital and labor in a developing economy written by Jere R. Behrman and published by . This book was released on 1970 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Elasticity of Factor Substitution Between Capital and Labor in the U.S. Economy: A Meta-Regression Analysis by : Michael Knoblach
Download or read book The Elasticity of Factor Substitution Between Capital and Labor in the U.S. Economy: A Meta-Regression Analysis written by Michael Knoblach and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Factor Shares, the Price Markup, and the Elasticity of Substitution Between Capital and Labor by : Xavier Raurich-Puigdevall
Download or read book Factor Shares, the Price Markup, and the Elasticity of Substitution Between Capital and Labor written by Xavier Raurich-Puigdevall and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In a Walrasian labor market, the labor income share is constant under the assumptions of a Cobb-Douglas production function and perfect competition. Given the observed decline of the labor share in recent decades, this paper relaxes these assumptions, proposes a time-series calculation of the aggregate price mark-up reflecting the degree of imperfect competition in the product market, and provides estimates of the elasticity of substitution under such product market imperfections. We focus on Spain and the U.S. and show that the elasticity of substitution is above one in Spain and below one in the U.S. We also show that the price markup drives the elasticity of substitution away from one, upwards in Spain, downwards in the U.S. These results are used to explain the declining path of the labor income share, common to both economies, and their contrasted patterns in terms of capital deepening. -- elasticity of substitution ; price markup ; factor shares ; capital deepening
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 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.
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 Elasticity of Substitution Between Labor and Capital by : Jakub Mućk
Download or read book Elasticity of Substitution Between Labor and Capital written by Jakub Mućk and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 A Decline in Labor's Share with Capital Accumulation and Complementary Factor Inputs by : Saumik Paul
Download or read book A Decline in Labor's Share with Capital Accumulation and Complementary Factor Inputs written by Saumik Paul and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of capital accumulation as a driver of the labor income share requires capital and labor to be substitutes, which appears paradoxical in a world predominantly characterized by complementarity between capital and labor. This paper argues that the composition of skills in the labor force and an identification of the elasticity parameters between capital and different skills of labor can reconcile the opposing views. Using a framework with capital-skill complementarity and variable substitution elasticities, the Morishima elasticity of substitution is applied to identify the elasticity parameters at different skill levels and derive the necessary condition for capital accumulation to coexist with a declining labor income share when capital and labor are complements. Empirical evidence supports this proposition.
Book Synopsis The Theory and Empirical Analysis of Production by : Murray Brown
Download or read book The Theory and Empirical Analysis of Production written by Murray Brown and published by . This book was released on 1967 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
