Growth, capital shares, and a new perspective on production functions

Charles I. Jones

96 citations0/0 files storedRePEc: Research Papers in Economics

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Economic Growth and Productivity Labor market dynamics and wage inequality Economic Theory and Policy

Abstract

... This paper resolves the puzzle by (a) presenting a production function that exhibits a short-run elasticity of substitution between capital and labor that is less than one and a long-run elasticity that is equal to one, and (b) providing microfoundations for why the production function might take the Cobb-Douglas form in the long run

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References

1957Technical Change and the Aggregate Production Function 1991Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models 1989A New Approach to the Economic Analysis of Nonstationary Time Series and the Business Cycle 1989The Great Crash, the Oil Price Shock, and the Unit Root Hypothesis 1997Postwar U.S. Business Cycles: An Empirical Investigation 1982Trends and random walks in macroeconmic time series 1995R & D-Based Models of Economic Growth 2000Capital-skill Complementarity and Inequality: A Macroeconomic Analysis

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