Variable Elasticity of Substitution and Economic Growth: Theory and Evidence
Variable Elasticity of Substitution and Economic Growth: Theory and Evidence
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替代的可变弹性与经济增长：理论与证据
DOI：
10.1007/3-540-28556-3_2
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发表时间：
2005
期刊：
影响因子：
--
通讯作者：
C. Papageorgiou
中科院分区：
文献类型：
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作者：
G. Karagiannis;T. Palivos;C. Papageorgiou
我们构建了一个单部门增长模型，其中的技术是由可变替代弹性（VES）生产函数。这一框架允许要素替代弹性与经济发展水平相互作用。首先，我们证明了该模型可以表现出无限的内生增长，尽管没有外源性的技术变化和不可重现的因素的存在。其次，我们使用由82个国家组成的小组在28年的时间内对替代弹性进行了一些实证估计，该小组承认VES总生产函数的替代弹性大于1，因此存在无限的可能性内生增长。
We construct a one-sector growth model where the technology is described by a Variable Elasticity of Substitution (VES) production function. This framework allows the elasticity of factor substitution to interact with the level of economic development. First, we show that the model can exhibit unbounded endogenous growth despite the absence of exogenous technical change and the presence of non-reproducible factors. Second, we provide some empirical estimates of the elasticity of substitution, using a panel of 82 countries over a 28-year period, which admit the possibility of a VES aggregate production function with an elasticity of substitution that is greater than one and consequently of unbounded endogenous growth.