文章基本信息

标题：Identifying the elasticity of substitution with biased technical change
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作者：Miguel A. León-Ledesma ; Peter McAdam ; Alpo Willman 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2009
卷号：1
出版社：European Central Bank
摘要：Despite being critical parameters in many economic elds, the received wisdom, in theoretical and empirical literatures, states that joint identica- tion of the elasticity of capital-labor substitution and technical bias is infea- sible. This paper challenges that pessimistic interpretation. Putting the new approach of normalized production functions at the heart of a Monte Carlo analysis we identify the conditions under which identication is feasible and robust. The key result is that the jointly modeling the production function and rst-order conditions is superior to single-equation approaches in terms of robustly capturing production and technical parameters, especially when merged with "normalization". Our results will have fundamental implica- tions for production-function estimation under non-neutral technical change, for understanding the empirical relevance of normalization and the variability underlying past empirical studies.
关键词：Constant Elasticity of Substitution; Factor-Augmenting Techni-;cal Change; Normalization; Factor Income share; Identication; Monte Carlo.