Utilizad este identificador para citar o enlazar este documento: http://hdl.handle.net/2072/250552

The determinants of capital intensity in Japan and the U.S
Judzik, Dario; Sala Lorda, Hèctor
Universitat Autònoma de Barcelona. Departament d'Economia Aplicada
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 around 0.85 in Japan, and 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 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.
05-2014
Capital intensity
Biased technological change
Elasticity of substitution
Capacity utilization rate
Employment
33 - Economia
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20 p.
Documento de trabajo
Universitat Autònoma de Barcelona. Departament d'Economia Aplicada
Document de treball (Universitat Autònoma de Barcelona. Departament d'Economia Aplicada);14.04
         

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