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https://hdl.handle.net/10419/50623
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DC Field | Value | Language |
---|---|---|
dc.contributor.author | León-Ledesma, Miguel A. | en |
dc.contributor.author | Satchi, Mathan | en |
dc.date.accessioned | 2011-06-01 | - |
dc.date.accessioned | 2011-10-21T16:53:23Z | - |
dc.date.available | 2011-10-21T16:53:23Z | - |
dc.date.issued | 2011 | - |
dc.identifier.uri | http://hdl.handle.net/10419/50623 | - |
dc.description.abstract | We 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.iso | eng | en |
dc.publisher | |aUniversity of Kent, School of Economics |cCanterbury | en |
dc.relation.ispartofseries | |aSchool of Economics Discussion Papers |x11,13 | en |
dc.subject.jel | E25 | en |
dc.subject.jel | O33 | en |
dc.subject.jel | O40 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | balanced growth | en |
dc.subject.keyword | production technique | en |
dc.subject.keyword | biased technology | en |
dc.subject.keyword | elasticity of substitution | en |
dc.title | The choice of CES production techniques and balanced growth | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 661172511 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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