Arbeitspapier
Calibration of normalised CES production functions in dynamic models
Normalising CES production functions in the calibration of basic dynamic models allows to choose technology parameters in an economically plausible way. When variations in the elasticity of substitution are considered, normalisation is necessary in order to exclude arbitrary effects. As an illustration, the effect of the elasticity of substitution on the speed of convergence in the Ramsey model is computed with different normalisations.
- Language
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Englisch
- Bibliographic citation
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Series: ZEW Discussion Papers ; No. 06-078
- Classification
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Wirtschaft
Macroeconomics: Consumption, Saving, Production, Employment, and Investment: Forecasting and Simulation: Models and Applications
Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
One, Two, and Multisector Growth Models
- Subject
-
CES production functions
normalisation
calibration
Ramsey model
- Event
-
Geistige Schöpfung
- (who)
-
Klump, Rainer
Saam, Marianne
- Event
-
Veröffentlichung
- (who)
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Zentrum für Europäische Wirtschaftsforschung (ZEW)
- (where)
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Mannheim
- (when)
-
2006
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Klump, Rainer
- Saam, Marianne
- Zentrum für Europäische Wirtschaftsforschung (ZEW)
Time of origin
- 2006
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Indirect production functions
Dynamic alignment and calibration of linear axes
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CaDyTS: Calibration of Dynamic Traffic Simulations
Evaluating the Effect of Objective Functions on Model Calibration
Magnetic Calibration and GNSS Processing in Strapdown Dynamic Gravimetry
Calibration of cyclic constitutive models for soils by oscillating functions
Investment Functions: Which Production Function?
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