| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17246 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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