Reference : Factor substitution and factor-augmenting technical progress in the United States: A ...
Scientific journals : Article
Social & behavioral sciences, psychology : Sociology & social sciences
http://hdl.handle.net/10993/27870
Factor substitution and factor-augmenting technical progress in the United States: A normalized supply-side system approach
English
Klump, Rainer mailto [University of Luxembourg > Rectorate > Rectorate]
McAdam, Peter [> >]
Willman, Alpo [> >]
2007
REVIEW OF ECONOMICS AND STATISTICS
M I T Press
89
1
183-192
Yes (verified by ORBilu)
0034-6535
Cambridge
[en] Using a normalized CES function with factor-augmenting technical progress, we estimate a supply-side system of the U.S. economy from 1953 to 1998. Avoiding potential estimation biases that may have occurred in earlier studies and putting a high emphasis on data consistency, we obtain robust results not only for the aggregate elasticity of substitution but also for the parameters of labor and capital augmenting technical change. We find that the elasticity of substitution is significantly below unity and that technical progress shows an asymmetrical pattern where the growth of laboraugmenting technical progress is exponential, while that of capital is hyperbolic or logarithmic.
http://hdl.handle.net/10993/27870
10.1162/rest.89.1.183

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