G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15687
DP15687 Measuring Capital-Labor Substitution: The Importance of Method Choices and Publication Bias
Sebastian Gechert; Tomas Havranek; Zuzana Irsova; Dominika Kolcunova
发表日期2021-01-20
出版年2021
语种英语
摘要We show that the large elasticity of substitution between capital and labor estimated in the literature on average, 0.9, can be explained by three issues: publication bias, use of cross-country variation, and omission of the first-order condition for capital. The mean elasticity conditional on the absence of these issues is 0.3. To obtain this result, we collect 3,186 estimates of the elasticity reported in 121 studies, codify 71 variables that reflect the context in which researchers produce their estimates, and address model uncertainty by Bayesian and frequentist model averaging. We employ nonlinear techniques to correct for publication bias, which is responsible for at least half of the overall reduction in the mean elasticity from 0.9 to 0.3. Our findings also suggest that a failure to normalize the production function leads to a substantial upward bias in the estimated elasticity. The weight of evidence accumulated in the empirical literature emphatically rejects the Cobb-Douglas specification.
主题Macroeconomics and Growth
关键词Elasticity of substitution Capital Labor Publication bias Model uncertainty
URLhttps://cepr.org/publications/dp15687
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/544696
推荐引用方式
GB/T 7714
Sebastian Gechert,Tomas Havranek,Zuzana Irsova,et al. DP15687 Measuring Capital-Labor Substitution: The Importance of Method Choices and Publication Bias. 2021.
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