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What Determines The Elasticity Of Substitution Between Capital And Labor A Literature Review
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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 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 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 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 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 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 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 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 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 The Elasticity of Substitution Between Lower Educated Labour and Other Factors of Production in the Netherlands by : G. E. Hebbink
Download or read book The Elasticity of Substitution Between Lower Educated Labour and Other Factors of Production in the Netherlands written by G. E. Hebbink and published by . This book was released on 1990 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 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:
Book Synopsis Introduction to Computable General Equilibrium Models by : Mary E. Burfisher
Download or read book Introduction to Computable General Equilibrium Models written by Mary E. Burfisher and published by Cambridge University Press. This book was released on 2016 with total page 443 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides a hands-on introduction to computable general equilibrium (CGE) models, written at an accessible, undergraduate level.
Book Synopsis Structural Change, Market Concentration, and Inequality by : Yasuyuki Osumi
Download or read book Structural Change, Market Concentration, and Inequality written by Yasuyuki Osumi and published by Springer Nature. This book was released on with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Countercyclical Elasticity of Substitution by : Dongya Koh
Download or read book Countercyclical Elasticity of Substitution written by Dongya Koh and published by . This book was released on 2022 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: We empirically show that the short-run elasticity of substitution between capital and labor is countercyclical. In recessions, capital and labor are more substitutable than in expansions. This countercyclicality of the elasticity of substitution introduces an asymmetry in an otherwise standard competitive-markets business cycle model that contributes to resolve several labor-market puzzles: the labor productivity puzzle, the Dunlop-Tarshis phenomenon, the hours-productivity puzzle, and the labor share puzzle. Interestingly, the cyclicality of the elasticity of substitution is per se not a source of aggregate fluctuations, but it propagates the effects of other shocks.
Book Synopsis Isoelastic Elasticity of Substitution Production Functions by :
Download or read book Isoelastic Elasticity of Substitution Production Functions written by and published by . This book was released on 2015 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
