TY  - UNPD
A1  - Klump, Rainer
A1  - McAdam, Peter
A1  - Willman, Alpo
T1  - Factor substitution and factor augmenting technical progress in the US : a normalized supply-side system approach
T2  - Europäische Zentralbank: Working paper series ; No. 367
N2  - Using a normalized CES function with factor-augmenting technical progress, we estimate a supply-side system of the US economy from 1953 to 1998. Avoiding potential estimation biases that have occurred in earlier studies and putting a high emphasis on the consistency of the data set, required by the estimated system, we obtain robust results not only for the aggregate elasticity of substitution but also for the parameters of labor and capital augmenting technical change. We find that the elasticity of substitution is significantly below unity and that the growth rates of technical progress show an asymmetrical pattern where the growth of laboraugmenting technical progress is exponential, while that of capital is hyperbolic or logarithmic.
T3  - European Central Bank: Working paper series - 367 
KW  - Faktorsubstitution
KW  - Technischer Fortschritt
KW  - CES-Funktion
KW  - Substitutionselastizität
KW  - Geschichte 1953-1998
KW  - Capital-labor substitution
KW  - technological change
KW  - factor shares
KW  - normalized CES function
KW  - supply-side system
KW  - United States
Y1  - 2014
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/33324
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-333240
UR  - http://ssrn.com/abstract=533127
SN  - 1561-0810
SN  - 1725-2806
N1  - © European Central Bank, 2004. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. The views expressed in this paper do not necessarily reflect those of the European Central Bank.
PB  - European Central Bank
CY  - Frankfurt am Main
ER  -