Arbeitspapier
The identification of directed technical change revisited
Technical change that augments capital and labor input in a non-neutral way plays an important role in explaining the relation between growth and other macroeconomic outcomes. Previous research has shown that restricting technical change to be neutral leads to overestimating the elasticity of substitution between capital and labor. I extend this line of analysis to misspecification of the functional form. Evidence from Monte Carlo simulations shows that the problem of biased estimates of the direction of technical change is relevant in the estimation of aggregate CES and translog production functions. In particular, I find examples where true technical change is neutral and estimated technical change is strongly directed towards one factor.
- Sprache
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Englisch
- Erschienen in
-
Series: ZEW Discussion Papers ; No. 14-127
- Klassifikation
-
Wirtschaft
Statistical Simulation Methods: General
Innovation; Research and Development; Technological Change; Intellectual Property Rights: General
Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
- Thema
-
directed technical change
estimation of production functions
CES functions
translog functions
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Saam, Marianne
- Ereignis
-
Veröffentlichung
- (wer)
-
Zentrum für Europäische Wirtschaftsforschung (ZEW)
- (wo)
-
Mannheim
- (wann)
-
2014
- Handle
- URN
-
urn:nbn:de:bsz:180-madoc-375285
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Saam, Marianne
- Zentrum für Europäische Wirtschaftsforschung (ZEW)
Entstanden
- 2014
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