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dc.contributor.authorLeón-Ledesma, Miguel A.en
dc.contributor.authorSatchi, Mathanen
dc.date.accessioned2011-06-01-
dc.date.accessioned2011-10-21T16:53:23Z-
dc.date.available2011-10-21T16:53:23Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/50623-
dc.description.abstractWe show that allowing firms a choice of CES production techniques (via the distribution parameter between capital and labor) can result in a new class of production functions that produces short-run capital-labor complementarity but yields a long-run unit elasticity of substitution. This is shown to occur if we provide a mathematical framework for this choice that maintains strict essentiality of the production process and satisfies the requirement of unit-invariance. The class of production functions derived are consistent with a balanced growth path even in the presence of capital-augmenting technical progress. The approach yields a simple yet powerful way of introducing CES-type production functions in macroeconomic models.en
dc.language.isoengen
dc.publisher|aUniversity of Kent, School of Economics |cCanterburyen
dc.relation.ispartofseries|aSchool of Economics Discussion Papers |x11,13en
dc.subject.jelE25en
dc.subject.jelO33en
dc.subject.jelO40en
dc.subject.ddc330en
dc.subject.keywordbalanced growthen
dc.subject.keywordproduction techniqueen
dc.subject.keywordbiased technologyen
dc.subject.keywordelasticity of substitutionen
dc.titleThe choice of CES production techniques and balanced growth-
dc.typeWorking Paperen
dc.identifier.ppn661172511en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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