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A microfoundation for normalized CES production functions with factor-augmenting technical change

Growiec, Jakub - Narodowy Bank Polski - 2011

We derive the aggregate normalized CES production function from idea-based microfoundations where firms are allowed to choose their capital- and labor-augmenting technology optimally from a menu of available technologies. This menu is in turn augmented through factor-specific R&D. The considered...

Persistent link: https://www.econbiz.de/10009352271

Does TFP drive housing prices? a growth accounting exercise for four countries

Moro, Alessio; Nuño, Galo - Banco de España - 2011

Housing prices diverge from construction prices after 1997 in four major countries. Besides, TFP differences between construction and the general economy account for the evolution of construction prices in the U.S. and Germany, but not in the U.K. and Spain.

Persistent link: https://www.econbiz.de/10009370184

Accounting for the Evolution of China's Production and Trade Patterns

Huang, Hanwei; Ju, Jiandong; Yue, Vivian Z. - National Bureau of Economic Research - 2024

This paper studies the evolution of China's production and trade patterns during its integration into the global economy. We document and explain new facts concerning changes in production and exports at the industry and firm levels using microdata and a quantitative Ricardian and...

Persistent link: https://www.econbiz.de/10014544694

Should We Fear the Robot Revolution? (The Correct Answer is Yes)

Berg, Andrew - 2018

We may be on the cusp of a 'second industrial revolution' based on advances in artificialintelligence and robotics. We analyze the implications for inequality and output, usinga model with two assumptions: 'robot' capital is distinct from traditional capital in itsdegree of substitutability with...

Persistent link: https://www.econbiz.de/10012913912

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

The Effect of Aging on the Age-wage Profile

Inoue, Toshikatsu - 2020

This study quantifies the effect of aging on the age-wage profile, using data from Japan, which is the fastest aging country in the world. Using a model with imperfect substitution among labor inputs in different age groups, we obtain two findings. First, the change in age composition of male...

Persistent link: https://www.econbiz.de/10012847089

Technological Changes, Offshoring, and the Labor Share

Lian, Weicheng - 2019

Existing studies on the downward trend in the labor share of income mostly focus on changeswithin individual countries. I document, however, that half of the global decline in the laborshare of income can be traced to the relocation of activities between countries. I develop atwo-country model...

Persistent link: https://www.econbiz.de/10012864118

Factor Shares at the Sector Level, Colombia 1990-2005

Zuleta, Hernando; Garcia-Suaza, Andres F.; Young, Andrew - 2010

In general, empirical studies on economics rely on the assumption of constant capital share of income both at the aggregate level and at the sector level. However, there is no empirical evidence supporting the constancy of capital share at the sector level. In this paper, using Colombian data,...

Persistent link: https://www.econbiz.de/10014197301

What's Behind the Recent Rise in Profitability?

Wolff, Edward N. - 2000

Profitability in the United States has been rising since the early 1980s and by 1997 was at its highest level since its postwar peak in the mid 1960s, and the profit share, by one definition, was at its highest point. In this paper I examine the role of the change in the profit share and capital...

Persistent link: https://www.econbiz.de/10014162531

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