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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/18879| Title: | That elusive elasticity : a long-panel approach to estimating the capital-labor substitution elasticity |
| Keywords: | E22 H32 ddc:330 Kapital Arbeit Faktorsubstitution Substitutionselastizität Panel Schätzung Vereinigte Staaten |
| Issue Date: | 16-Oct-2013 |
| Publisher: | |
| Description: | The elasticity of substitution between capital and labor features prominently in several areas of economic research. However, a consensus estimate remains elusive. We develop an estimation strategy that filters panel data in an original way and avoids several pitfalls - difficult-to-specify dynamics, transitory time-series variation, and positively sloped supply schedules - inherent in investment equations that can bias the estimated elasticity. Results are based on an extensive panel containing 1,860 manufacturing and non-manufacturing firms. Our model generates a precisely estimated elasticity of approximately 0.40. The method developed here may prove useful in estimating other structural parameters from panel datasets. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/18879 |
| Other Identifiers: | http://hdl.handle.net/10419/18879 ppn:393381528 |
| Appears in Collections: | EconStor |
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