کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
965198 1479202 2015 21 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The determinants of capital intensity in Japan and the US
ترجمه فارسی عنوان
عوامل تعیین کننده شدت سرمایه در ژاپن و ایالات متحده
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
We estimate the determinants of capital intensity in Japan and the US, characterized by striking different paths. We augment an otherwise standard Constant Elasticity of Substitution (CES) model with demand-side considerations, which we find especially relevant in the US. In this augmented setting, the elasticity of substitution between capital and labor is placed between 0.74 and 0.90 in Japan, and around 0.30 in the US. We also find evidence of biased technical change, which is capital-saving in Japan but labor-saving in the US. These differences help us explain the diverse experience in the capital deepening process of these economies, and lead us to conclude that demand-side drivers, quite relevant in the US, may also be relevant to account for different growth experiences. A close look at the nature of technological change is also needed before designing one-size-fits-all industrial, economic growth, and/or labor market policies.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of the Japanese and International Economies - Volume 35, March 2015, Pages 78-98
نویسندگان
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