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in terms of robustly capturing production and technical parameters, especially when merged with "normalization". Our … understanding the empirical relevance of normalization and the variability underlying past empirical studies. …
Persistent link: https://www.econbiz.de/10011605047
results are also important as: i) we introduce the concept of normalization for DSGE models and, ii) they may help interpret …
Persistent link: https://www.econbiz.de/10011605324
revealed, “normalization” of production functions and production-technology systems holds out the promise of resolving many of … normalization (defined by the fixing of baseline values for relevant variables). First, we recall how the normalized CES function … came into existence and what normalization implies for its formal properties. Then we deal with the key role of …
Persistent link: https://www.econbiz.de/10011605340
Based on long US time series we document a range of empirical properties of the labor’s share of GDP, including its substantial medium-run swings. We explore the extent to which these empirical regularities can be explained by a calibrated micro-founded long-run economic growth model with...
Persistent link: https://www.econbiz.de/10011605810