The DOI matches its Crossref record; 58 of the 58 references it cites were found in a registry or an index.
Identifying the Elasticity of Substitution with Biased Technical Change
Open accessAbstract
The capital-labor substitution elasticity and technical biases in production are critical parameters. The received wisdom claims their joint identification is infeasible. We challenge that interpretation. Putting the new approach of “normalized” production functions at the heart of a Monte Carlo analysis we identify the conditions under which identification is feasible and robust. The key result is that jointly modeling the production function and first-order conditions is superior to single-equation approaches especially when merged with “normalization.” Our results will have fundamental implications for production-function estimation under non-neutral technical change, for understanding the empirical relevance of normalization and variability underlying past empirical studies. (JEL E22, O33, O41)
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Cited by
“The Global Decline of the Labor Share”
Karabarbounis, L., & Neiman, B. (2014) · The Quarterly Journal of Economics · doi:10.1093/qje/qjt032 · Cited by 2,152
“Micro Data and Macro Technology”
Oberfield, E., & Raval, D. (2014) · doi:10.3386/w20452 · Cited by 205
How large is the economy-wide rebound effect?
Stern, D. I. (2020) · Energy Policy · doi:10.1016/j.enpol.2020.111870 · Cited by 73
Recent Declines in Labor's Share in US Income: A Preliminary Neoclassical Account
Lawrence, R. Z. (2015) · doi:10.2139/ssrn.2622613 · Cited by 31
Metadata
- Authors
- León-Ledesma, M. A., McAdam, P., & Willman, A.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2010-09-01
- Volume
- 100
- Issue
- 4
- Pages
- 1330-1357
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W2165393354
- Cited by
- 406
- References
- 58
- FWCI
- 50.06
- Type
- journal article
- Language
- en
- Open access
- green
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