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Labor Share and Productivity Dynamics
Choi, Sekyu - 2020
We present a novel way to model technological shocks, with the feature that it can be biased towards more recently installed production units. We show that at one extreme, the shock is like a neutral technological shock, while at the other end of the spectrum, it resembles investment specific...
Persistent link: https://www.econbiz.de/10012825485
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Labor Income Share Dynamics with Variable Elasticity of Substitution
Paul, Saumik - 2019
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 …
Persistent link: https://www.econbiz.de/10012867988
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A Decline in Labor's Share with Capital Accumulation and Complementary Factor Inputs : An Application of the Morishima Elasticity of Substitution
Paul, Saumik - 2019
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 …
Persistent link: https://www.econbiz.de/10012870261
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A Skeptical Note on the Role of Constant Elasticity of Substitution in Labor Income Share Dynamics
Paul, Saumik - 2019
relationship. We argue that (i) capital-labor ratio determines the value of σ, and (ii) both capital-labor ratio and σ vary over …
Persistent link: https://www.econbiz.de/10012861135
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The effects of globalization and technology on the elasticity of substitution
Sala, Hector; Trivín, Pedro - 2017
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 …
Persistent link: https://www.econbiz.de/10011704348
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A skeptical note on the role of constant elasticity of substitution in labor income share dynamics
Paul, Saumik - 2019
support this causal relationship. This paper argues that (i) capital-labor ratio determines the value of σ, and (ii) both … capital-labor ratio and σ vary over time. I use a variable elasticity of substitution (VES) production framework that allows …
Persistent link: https://www.econbiz.de/10012007485
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Labor income share dynamics with variable elasticity of substitution
Paul, Saumik - 2019
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 …
Persistent link: https://www.econbiz.de/10012022772
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Capital skill substitutability and the labor income share : identification using the Morishima elasticity of substitution
Paul, Saumik - 2018
The relationship between a declining labor income share and a falling relative price of capital requires capital and … distinguish labor by skills and identify differential capital-labor substitutability across skill groups. Using the Morishima … substitution parameters between capital and skilled labor (ρ) and between capital and unskilled labor (σ). We then derive the …
Persistent link: https://www.econbiz.de/10011843932
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A decline in labor's share with capital accumulation and complementary factor inputs : an application of the Morishima elasticity of substitution
Paul, Saumik - 2019
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 …
Persistent link: https://www.econbiz.de/10011993096
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Growth, cycles and residential investment
Santetti, Marcio; Nikiforos, Michalis; Von Arnim, Rudiger - 2022
capital accumulation. Further, and across different theoretical approaches, residential investment is seen as a critical …
Persistent link: https://www.econbiz.de/10013448820