Aggregate Elasticity of Substitution and Growth and Distribution

本文探讨了包含劳动力市场和商品市场行为的资本与劳动总替代弹性形成的内生机制，并分析了其对经济增长和收入分配的影响。我们的主要结果如下。大的总替代弹性可以促进增长，但会降低劳动份额。在这种情况下，跨部门的劳动力流动可以扩大替代弹性。然而，当储蓄主要来源于技术工资收入时，不稳定性更有可能与经验相关的资本-技能互补性，甚至更大的内生总替代弹性一起发生。对于两部门模型，我们发现各部门收入效应的异质性较大，制造业的资本含量较大，服务业的熟练劳动力含量较大，是总替代弹性增大的可能原因。

In this research,we explored the endogenous mechanism of formulating aggregate elasticity of substitution between capital and labor that incorporate the behaviours of labor market and good market and analyzed its impacts on growth and income distribution.Our main results are as follows. Large aggregate elasticity of substitution can enhance growth but decrease labor share. In this context, labor mobility across sectors can enlarge the elasticity of substitution. However, when savings mainly stem from skilled wage income, the instability is more likely to occur with the empirically relevant capital-skill complementarity, and even with the larger endogenous aggregate elasticity of substitution. As to the two sector model, we show that larger heterogeneity of income effects in each sector, the larger capital contents in the manufacturing sector, and the larger skilled labor contents in the service sector, are possible causes of increased aggregate elasticity of substitution.