Appropriate Technology and Balanced Growth
Appropriate Technology and Balanced Growth
复制标题
适当的技术和平衡的增长
DOI：
10.1093/restud/rdy002
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发表时间：
2019
期刊：
影响因子：
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通讯作者：
Mathan Satchi
中科院分区：
文献类型：
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作者：
Miguel León;Mathan Satchi
我们提供了一个一般性的理论特征，企业的技术选择的技术前沿决定了长期的替代弹性之间的资本和劳动力。我们表明，边界的形状决定要素份额和资本和劳动力之间的替代弹性。如果技术选择存在调整成本，那么短期和长期弹性就不同，长期弹性总是更高。如果技术前沿是对数线性的，生产函数从长期来看就变成了柯布-道格拉斯函数，但是，与经验证据一致，短期动态的特点是总的互补性。该方法易于实施，并产生一个强大的方式来引入CES型生产函数的宏观经济模型。我们提供了一个动态一般均衡模型内的一个例子，并表明，我们的生产技术的使用提供了一个很好的匹配的短期和中期的行为，美国劳动力的份额。
We provide a general theoretical characterization of how firms’ technology choice on a technology frontier determines the long-run elasticity of substitution between capital and labour. We show that the shape of the frontier determines factor shares and the elasticity of substitution between capital and labour. If there are adjustment costs to technology choice, the short- and long-run elasticities differ, with the long-run always higher. If the technology frontier is log-linear, the production function becomes Cobb–Douglas in the long run but, consistent with empirical evidence, short-run dynamics are characterized by gross complementarity. The approach is easily implementable and yields a powerful way to introduce CES-type production functions in macroeconomic models. We provide an illustration within an estimated dynamic general equilibrium model and show that the use of our production technology provides a good match for the short- and medium-run behaviour of the U.S. labour share.