Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 叶创基教授 (经济学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1017/S1365100510000775 |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/8WOS source URL
其它资讯
摘要This paper provides a unified approach to characterizing the relation between factor substitution and economic growth in different one-sector growth models (namely, the Solow, Ramsey, and Diamond models). Our main finding is that if better factor substitution raises savings in the steady state, then a higher per capita income results. There are two channels by which factor substitution affects savings: the positive efficiency effect via income and the ambiguous distribution effect via factor income shares. If the efficiency effect dominates, then a higher elasticity of substitution leads to a higher level of per capita steady-state income. In transition, factor substitution affects the rate of convergence both directly and through the equilibrium profit share. The former arises from diminishing marginal productivity of capital whereas the latter reflects its relative scarcity. Depending on the interaction of these effects, the net outcomes are characterized.
着者Xue JP, Yip CK
期刊名称Macroeconomic Dynamics
出版年份2012
月份9
日期1
卷号16
期次4
出版社Cambridge University Press (CUP): HSS Journals
页次625 - 656
国际标準期刊号1365-1005
电子国际标準期刊号1469-http://aims.cuhk.edu.hk/converis/portal/Publication/8056
语言英式英语
关键词Elasticity of Substitution; Normalized CES Production Function; Rate of Convergence
Web of Science 学科类别Business & Economics; Economics; ECONOMICS
