various new distortions between private and optimal solution. First, a monopoly distortion effect generates too little capital … accumulation in the private solution because households' gross return per unit of capital will be lower than in the social optimum …

The elasticity of substitution between capital and labor (σ) is usually considered a "deep parameter". This paper shows … substitution between capital and labor is below unity; that it increases along with the degree of globalization; but it decreases … enhances the substitutability between capital and labor. We also find evidence of a non-significant impact of the capital …

degree of capital-labor substitutability - a new mechanism - are a driving force for structural change. When the flexibility … to combine capital and labor differs across sectors, a factor rebalancing effect is operative. It tends to make … sectoral capital-labor ratios can differ and, if this effect dominates, shares of each factor used in a given sector can move …

This paper estimates the elasticity of substitution between capital and skill using variation across U.S. counties in … immigration-induced skill-mix changes between 1860 and 1930. We find that capital began as a q-complement for skilled and … parametric production function calibrated to our estimates imply the level of capital-skill complementarity after 1890 likely …

contrasted patterns in terms of capital deepening. -- elasticity of substitution ; price markup ; factor shares ; capital …

The accumulation principle suggests that complementarity between capital and labor forces the labor income share to … rise in the presence of capital accumulation. The CES model estimates using data from 20 Japanese industries between 1970 … as a non-linear function of the Weibull distribution of capital-labor ratio. Empirical findings support the choice of a …

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 …

studies analyzing the relative capital-skill complementarity hypothesis formulated by GRILICHES (1969). According to this … hypothesis, the degree of substitutability between skilled labor and capital is lower than that for unskilled labor and capital …

In this paper we examine the dynamic contributions of capital accumulation, globalisation, and financialisation to the … in the US over the 1960-2009 period. We show that the labour share is affected positively by capital intensity and … counterfactual simulations, a key finding is that the decrease in capital intensity in the eighties accounted for about 76% of the …

. By focusing on the right-to-manage wage bargaining we assume that wage is negotiated after the capital stock decision …. With Cobb-Douglas utility and production functions the steady state is unique and the steady state capital stock depends … state equilibrium is a saddle. -- Overlapping generations economy ; capital accumulation ; flexible wage negotiation …