Output, Capital, and Labor in the Short, and Long-Run

Artikel

Using a new series of capital stock and frequency domain analysis, this paper provides new empirical evidence on the relative importance of capital and labor in the determination of output in the short and long-run. Contrary to the common practice in the traditional growth accounting literature of assigning weights of 0.3 and 0.7 to capital and labor inputs respectively, the evidence presented here suggests that capital is a far more important factor than labor for determination of output at and near the zero frequency band. Furthermore, I show that the zero-frequency labor elasticity of output may well be close to zero, or even zero. Additional findings reported here support the traditional accelerator model of investment as a good description of the long-run investment process.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Journal: Southern Economic Journal ; ISSN: 2325-8012 ; Volume: 60 ; Year: 1994 ; Issue: 4 ; Pages: 946-960 ; Chattanooga: Southern Economic Association

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence ; Investment; Capital; Intangible Capital; Capacity ; Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity ; Business Fluctuations; Cycles
• Thema: Growth Accounting ; Capital Investment ; Output Fluctuation ; Employment ; Spectrum and Cross-Spectrum ; Coherence ; Phase Shift ; Gain ; Zero-Frequency ; Capital and Labor Elasticity of Output ; Short-Run ; Long-Run ; Capital's and Labor's Share in Output ; Accelerator Model of Investment

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Levy, Daniel
• Ereignis: Veröffentlichung
• (wer): Southern Economic Association ; ZBW – Leibniz Information Centre for Economics
• (wo): Chattanooga
• (wann): 1994

Weitere Informationen

• Handle: http://hdl.handle.net/10419/206607
• Letzte Aktualisierung: 10.03.2025, 11:41 MEZ