G2TT
来源类型Discussion paper
规范类型论文
来源IDDP17246
DP17246 Countercyclical Elasticity of Substitution
Dongya Koh; Raül Santaeulàlia-Llopis
发表日期2022-04-23
出版年2022
语种英语
摘要We empirically show that the short-run elasticity of substitution between capital and labor is countercyclical. In recessions, capital and labor are more substitutable than in expansions. This countercyclicality of the elasticity of substitution introduces an asymmetry in an otherwise standard competitive-markets business cycle model that contributes to resolve several labor-market puzzles: the labor productivity puzzle, the Dunlop-Tarshis phenomenon, the hours-productivity puzzle, and the labor share puzzle. Interestingly, the cyclicality of the elasticity of substitution is per se not a source of aggregate fluctuations, but it propagates the effects of other shocks.
主题Macroeconomics and Growth
关键词Short-run Elasticity Substitution Capital Labor Cycle Labor market Labor share
URLhttps://cepr.org/publications/dp17246
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/546253
推荐引用方式
GB/T 7714
Dongya Koh,Raül Santaeulàlia-Llopis. DP17246 Countercyclical Elasticity of Substitution. 2022.
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