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The labour share of income : heterogeneous causes for parallel movements?
Hogrefe, Jan; Kappler, Marcus - 2010
The aim of this paper is to take a structured approach at estimating the coefficients of factors explaining movements of the labour share across countries. In particular, we focus on proper dynamic specification and test the validity of the homogeneity assumption of slope coefficients frequently...
Persistent link: https://www.econbiz.de/10003961521
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The Illusions of Calculating Total Factor Productivity and Testing Growth Models : From Cobb–Douglas to Solow and Romer
Felipe, Jesus - 2020
This paper shows that because growth models in the tradition of Solow's and Romer's are framed in terms of production functions, they are equally subject to a criticism developed by, among others, Phelps Brown (1957), Simon (1979a), and Samuelson (1979). These authors argued that production...
Persistent link: https://www.econbiz.de/10012835343
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The Illusions of Calculating Total Factor Productivity and Testing Growth Models : From Cobb-Douglas to Solow and to Romer
Felipe, Jesus - 2019
This paper shows that because growth models in the tradition of Solow's and Romer's are framed in terms of production functions, they are equally subject to a criticism developed by, among others, Phelps Brown (1957), Simon (1979a), and Samuelson (1979). These authors argued that production...
Persistent link: https://www.econbiz.de/10012871740
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Technical Change, Variable Elasticity of Substitution and Economic Growth
Gamlath, Sharmila - 2015
We incorporate a variable elasticity of substitution production function into an overlapping generations model à la Diamond (1965). We show that a certain parameter in the production function is a source of biased technical change is a crucial determinant of the economy's growth dynamics. For...
Persistent link: https://www.econbiz.de/10013026610
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The Long-Term Success of the Neoclassical Growth Model
Klump, Rainer - 2010
In this paper, we seek to re-establish the link between the constant elasticity of substitution (CES) production function and neoclassical Solow growth theory. We do so in three dimensions. First, we review the increasing importance of the CES technology in modern dynamic macroeconomics, in...
Persistent link: https://www.econbiz.de/10012716219
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The illusions of calculating total factor productivity and testing growth models from Cobb-Douglas to Solow and Romer
Felipe, Jesus; McCombie, John S. L. - 2019
This paper shows that because growth models in the tradition of Solow's and Romer's are framed in terms of production functions, they are equally subject to a criticism developed by, among others, Phelps Brown (1957), Simon (1979a), and Samuelson (1979). These authors argued that production...
Persistent link: https://www.econbiz.de/10012118296
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Estimating the Cost of Capital and the Profit Share
van Vlokhoven, Has - 2020
in the labor share is not due to an increased capital intensity, but due to an increase in economic profits. Profits have … profits is due to reallocation between firms, but not due to reallocation between industries. I also document that profits … entry. Finally, I find an upward trend in the returns to scale, which combined with the rise in profits implies that markups …
Persistent link: https://www.econbiz.de/10012845365
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Capital-Task Complementarity and the Decline of the U.S. Labor Share of Income
Orak, Musa - 2017
This paper provides evidence that shifts in the occupational composition of the U.S. workforce are the most important factor explaining the trend decline in the labor share over the past four decades. Estimates suggest that while there is unitary elasticity between equipment capital and...
Persistent link: https://www.econbiz.de/10014122283
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The Labour Share of Income : Heterogeneous Causes for Parallel Movements?
Hogrefe, Jan - 2010
The aim of this paper is to take a structured approach at estimating the coefficients of factors explaining movements of the labour share across countries. In particular, we focus on proper dynamic specification and test the validity of the homogeneity assumption of slope coefficients frequently...
Persistent link: https://www.econbiz.de/10013143545
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Falling labor share and rising unemployment : long-run consequences of institutional shocks?
Berthold, Norbert; Fehn, Rainer; Thode, Eric - 1999
Persistent link: https://www.econbiz.de/10001420860