Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/190260 
Autor:innen: 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
ADBI Working Paper No. 839
Verlag: 
Asian Development Bank Institute (ADBI), Tokyo
Zusammenfassung: 
The relationship between a declining labor income share and a falling relative price of capital requires capital and labor to be gross substitutes at the aggregate level (i.e., σ-Agg>1). We argue that this restriction can be relaxed if we distinguish labor by skills and identify differential capital-labor substitutability across skill groups. Using the Morishima elasticity of substitution in a three-factor nested-CES production function, we analytically estimate the elasticity of substitution parameters between capital and skilled labor (ρ) and between capital and unskilled labor (σ). We then derive the necessary conditions for a decline in the labor income share based on ρ and σ, which does not require σ-Agg to be greater than unity.
Schlagwörter: 
substitution elasticity
labor income share
production function parameters
JEL: 
E21
E22
E25
Creative-Commons-Lizenz: 
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Dokumentart: 
Working Paper

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