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This paper investigates the analytical implications of partially mobile capital among sectors arising in the context of the two-sector general-equilibrium Harris-Todaro (HT) model. It is shown that under partially mobile capital, unlike the case of totally mobile or immobile capital, labor...
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The effects of energy prices and energy conservation on economic growth have been examined empirically for the postwar U.S. economy. A vector autoregressive model includes real GDP, real capital, labor, real energy prices, and the Divisia energy index. A key feature of our finding is that some...
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This paper analyzes the implications of three types of technical progress on outputs in a variable returns-to-scale framework. It is shown that Hicks-ne utral technical improvement is ultra-biased in production regardless of the direction and severity of the returns to scale. The output eff ect...
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This paper analyzes the welfare implications of factor growth (i.e., labor growth and capital accumulation), in the mobile-capital Harris-Todaro (H-T) model by allowing the presence of variable returns to scale (VRS). It is shown that in contrast to the constant returns to scale (CRS) case,...
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