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   Estimating Employment Dynamics Across Occupations and Sectors of IndustryDupuy, Arnaud  ; in Journal of Macroeconomics (2010) Detailed reference viewed: 86 (0 UL)Neoclassical growth and the "trivial" steady state; Irmen, Andreas in Journal of Macroeconomics (2008), 30(3), 1097-1103 According to a common perception, the neoclassical economy void of capital cannot evolve to strictly positive levels of output, if capital is essential. We challenge this view and claim for a broad class ... [more ▼] According to a common perception, the neoclassical economy void of capital cannot evolve to strictly positive levels of output, if capital is essential. We challenge this view and claim for a broad class of production functions, encompassing the neoclassical production function, that a take-off is possible even though the initial capital stock is zero and capital is essential. Since the marginal product of capital is initially infinite, the \"trivial\" steady state becomes so unstable that the solution to the equation of motion involves the possibility of a take-off. When it happens, the take-off has no cause. [less ▲] Detailed reference viewed: 149 (3 UL)Comment on "On the openness to trade as a determinant of the macroeconomic elasticity of substitution"Irmen, Andreas in Journal of Macroeconomics (2008), 30(2), 703-706 This paper provides a comment on the analysis of the link between an economy's openness to trade and its macroeconomic elasticity of substitution (ES) presented in Saam [Saam, M., 2008. Openness to trade ... [more ▼] This paper provides a comment on the analysis of the link between an economy's openness to trade and its macroeconomic elasticity of substitution (ES) presented in Saam [Saam, M., 2008. Openness to trade as a determinant of the macroeconomic elasticity of substitution. Journal of Macroeconomics 30, 691-702.]. [less ▲] Detailed reference viewed: 132 (0 UL)The CES production function in the theory and empirics of economic growth - IntroductionKlump, Rainer ; in JOURNAL OF MACROECONOMICS (2008), 30(2), 599-600 Detailed reference viewed: 83 (0 UL)Unwrapping some euro area growth puzzles: Factor substitution, productivity and unemploymentKlump, Rainer ; ; in JOURNAL OF MACROECONOMICS (2008), 30(2), 645-666 In this paper, we estimate a long run supply-side system incorporating a CES production function with time-varying factor-augmenting technical progress for the euro area over the period 1970-2005. We find ... [more ▼] In this paper, we estimate a long run supply-side system incorporating a CES production function with time-varying factor-augmenting technical progress for the euro area over the period 1970-2005. We find that the elasticity of substitution lies below unity at 0.7, that labor-augmenting technical progress is dominant in the long run while capital-augmenting technical progress plays an important role in the interim period. Importantly, we also find evidence of a structural break in the pattern of biased technical progress towards the end of the 1990s. Our results help to solve two puzzles in Europe's recent growth experience which differ markedly from the US experience. The first is related to the effects of the IT boom in the 1990s on productivity growth in Europe. The second puzzle concerns the changes in the "Okun's law" relationship, linking growth to the reduction of unemployment, which are observable in Europe since the late 1990s. (C) 2007 Published by Elsevier Inc. [less ▲] Detailed reference viewed: 89 (0 UL)Shifts and Twists in the Relative Productivity of Skilled WorkersDupuy, Arnaud ; in Journal of Macroeconomics (2008) Detailed reference viewed: 30 (0 UL) |
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