[PDF] multiplicateur de depense publique(definition)
[PDF] revenu d'équilibre en économie fermée
[PDF] élasticité de substitution fonction ces
[PDF] calculer la valeur du revenu national d'équilibre
[PDF] calcul élasticité de substitution
[PDF] exercice corrigé multiplicateur keynésien
[PDF] élasticité de substitution cobb douglas
[PDF] revenu d'équilibre macroéconomique
[PDF] élasticité de substitution microéconomie
[PDF] calcul du revenu de plein emploi
[PDF] revenu d'équilibre définition
[PDF] élasticité de substitution exemple
[PDF] manuel iphone 7
[PDF] indexation et recherche d'image par contenu
[PDF] cours indexation image
Growth,CapitalShares,and
aNewPerspectiveonProductionFunctions
PreliminaryCommentsappreciated
CharlesI.Jones*
E-mail:chad@econ.berkeley.edu
http://elsa.berkeley.edu/~chad
June12,2003-Version1.0
Cobb-Douglasforminthelongrun.
State
JELClassication:O40,E10
issupportedbyNSFgrantSES-0242000. 1
2CHARLESI.JONES
stylizedfactsarethese:
125years;see,forexample,Jones(1995b).
detailinSection2below. laborislessthanone.1
ANEWPERSPECTIVEONPRODUCTIONFUNCTIONS3
dividedbyrealGDP. andprovedformallyinAppendixA).
4CHARLESI.JONES
islaboraugmentingonlyisaknife-edgecase.2 form.
ANEWPERSPECTIVEONPRODUCTIONFUNCTIONS5
differentinputmixcanbediscovered. productionfunctionisCobb-Douglas.
1.THEFACTSABOUTCAPITALSHARES
6CHARLESI.JONES
supported. acrosscountries.5
BentolilaandSaint-Paul(2003).
ANEWPERSPECTIVEONPRODUCTIONFUNCTIONS7
GDP.
8CHARLESI.JONES
FIGURE1.CapitalSharesinOECDCountries
196019802000
0.3 0.4 0.5 0.6 Japan
196019802000
0.3 0.4 0.5 0.6
United States
196019802000
0.4 0.5 0.6 0.7
Canada
196019802000
0.4 0.5 0.6 0.7
Australia
196019802000
0.3 0.4 0.5 0.6
Austria
196019802000
0.3 0.4 0.5 0.6
Belgium
196019802000
0.3 0.4 0.5 0.6
Denmark
196019802000
0.3 0.4 0.5 0.6
Finland
196019802000
0.3 0.4 0.5 0.6
France
196019802000
0.2 0.3 0.4 0.5
Greece
196019802000
0.3 0.4 0.5 0.6
Iceland
196019802000
0.3 0.4 0.5 0.6
Ireland
196019802000
0.3 0.4 0.5 0.6 Italy
196019802000
0.3 0.4 0.5 0.6
Luxembourg
196019802000
0.4 0.5 0.6 0.7
Netherlands
196019802000
0.4 0.5 0.6 0.7
Norway
196019802000
0.3 0.4 0.5 0.6
Portugal
196019802000
0.3 0.4 0.5 0.6 Spain
196019802000
0.3 0.4 0.5 0.6
Sweden
196019802000
0.3 0.4 0.5 0.6
United Kingdom
detail.
ANEWPERSPECTIVEONPRODUCTIONFUNCTIONS9
TABLE1.
CapitalSharesfor2-DigitU.S.Industries
Industry19601970198019901996Trendt-stat
Trade20.821.922.219.922.7-0.0276-1.42
Construction8.512.314.212.49.40.00800.35
Coalmining22.038.622.932.134.30.11211.22
Apparel9.614.014.319.418.40.286813.31
Tobacco61.764.862.877.875.40.41836.22
Leather12.812.824.034.945.90.807412.50
Services33.834.533.132.532.7-0.0822-3.33
Total30.931.031.633.133.60.03472.32
loadedfromJorgenson'swebpageon11/28/01.
10CHARLESI.JONES
inlaborsharesfortheOECDcountries. changesincapitalsharesovertime.
2.ARESOLUTIONOFTHEPUZZLE
exploreanexplanationalongtheselines.
ANEWPERSPECTIVEONPRODUCTIONFUNCTIONS11
run. ofsubstitionequaltoone(LR=1). ifthetechnologyisCobb-Douglas.
12CHARLESI.JONES
Y t=F(Kt;Lt;Kt;L t;A t) Kt Kt +(1)LtL t 1= Kt(A tL t)1;(1) y t= kt kt +1 1= yt;(2) whereytYt=Lt,ktKt=Lt,ktKt=L t,andytktA1t.
ANEWPERSPECTIVEONPRODUCTIONFUNCTIONS13
FIGURE2.TheProductionFunction
PSfragreplacements
logklogy logklogy technologyisappropriate. spondstothecapitalshare@logy=@logk=@y @kky=11+1(ktkt).Below
14CHARLESI.JONES
thecapitalsharecanbesupported.
3.WHYMIGHTPRODUCTIONFUNCTIONSBE
COBB-DOUGLASINTHELONGRUN?
longrun?
ANEWPERSPECTIVEONPRODUCTIONFUNCTIONS15
theseconditions.
3.1.Setup
accordingtoaproductionfunction
Y=F(biK;aiL):(3)
lowelasticityofsubstitutionbetweenKandL.
Y=aiLF(biK
aiL;1);(4) sothatinperworkertermswehave y=aiF(bi aik;1):(5)
16CHARLESI.JONES
writtenas y=yiF(k ki;1):(6)
Leontief.Thatis,
Y=F(biK;aiL)=minfbiK;aiLg:
nicely:inperworkerterms,wehave y=yiminfk ki;1g: i
ANEWPERSPECTIVEONPRODUCTIONFUNCTIONS17
ofthesenumbers: a iG1(a)=1a a ;a a>0;>0(7) and b iG2(b)=1b b ;b b>0;>0:(8) lessproductivetechniques. proportions). beproducedusingtheavailabletechniques?
18CHARLESI.JONES
kyk0 y0
3.2.Derivation
denedasfollows y =f(k)=maxifai:ai bikg;0iN:(9) donotenterthecalculation.
ANEWPERSPECTIVEONPRODUCTIONFUNCTIONS19
FIGURE4.TheModel'sTwoCases
Case 1Case 2
ky g 0 0g a g /gab y = k b niqueswithkik. theCobb-Douglasresult.
F(y;k)Probfaiyjai
bikg:(10) satisfytwoinequalities.Firstyi a.Thisisstraightforwardsinceyiai andai aaspartofAssumption4.1.Second,yi=ki b.Thisis truesinceyi=ki=biandbi b.Thismeansthatalltechniquesthat labeledCase2"inFigure4.
20CHARLESI.JONES
Proposition3.1.Fork>
a= bandy a(Case1),thedistribu- perworkerkisgivenby
F(y;k)=1(k)y(+);
where (k) a bk 1+ a b k: k worker. k a= b(Case1),
G(k)=1
a b k: capitalperworker.11
ANEWPERSPECTIVEONPRODUCTIONFUNCTIONS21
amountofoutputperworkerwhenused. aFrechetdistribution: capitalperworkerlessthank.Thenfork> a= b(Case1), lim
N(k)!1Probf(N(k)(k))1
+yxg=exp(x(+)):(11)
Or,stateddifferently,
(N(k)(k))1 +yaFrechet(+):(12) y k ofbi.However,bi valuesofai.
22CHARLESI.JONES
forthenormalizedrandomvariable. asymptoticallybethoughtofas y =(N(k)(k))1=(+): techniquesthathavebeendiscovered, plimN!1N(k)
N=Probfaibikg=G(k)=1+
a b k: y =AN1 +k+(13) Y =AN=KL1 where=(+)andA a b 1
Wehavederivedthisresultforthecasewherek
a= b,i.e.forCase1 exactlythesameproductionfunctioninCase2.
3.3.Simulations
ANEWPERSPECTIVEONPRODUCTIONFUNCTIONS23
-3-2.5-2-1.5-1-0.500.511.50 0.2 0.4 0.6 0.8 1 1.2 1.4 log k log y
Slope = 0.336
Note:Inthesimulation,N=300,=4,=2,and
a= b= isfound. setuplookslike: Y t=F(biKt;aiLt)=((biKt)+(1)(aiLt))1=(14) K t+1=(1)Kt+sYt(15)
24CHARLESI.JONES
010203040506070800
5 10 15 k y =2:5,n=:10, a=1, b=0:2,k0=2:5,s=0:2,=:05,and=1. N t=N0ent(16) worker.12 gures. technique.
ANEWPERSPECTIVEONPRODUCTIONFUNCTIONS25
FIGURE7.OutputperWorkeroverTime
020406080100 1
3 7 20 Time
Output per Worker (log scale)
thetechniqueusedateachpointintime. jumpupward.
26CHARLESI.JONES
FIGURE8.TheCapitalShareoverTime
0204060801000
0.2 0.4 0.6 Time
Capital Share
Note:SeenotestoFigure6.
y isnotaprimarygoalofthepaper). andatimetrend.
ANEWPERSPECTIVEONPRODUCTIONFUNCTIONS27
detail. sumedinequation(3),is
Y=F(biK;aiL):
modelinSection3?
28CHARLESI.JONES
FIGURE9.b
iOverTime
0204060801000.2
0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 2 Time b i ateachdate.SeealsonotestoFigure6. distributionofbibeingchosen. motivationsforthepaperintherstplace.
ANEWPERSPECTIVEONPRODUCTIONFUNCTIONS29
priceofanexistingtechniquetofall. augmentingdirection.
4.DISCUSSION
30CHARLESI.JONES
production.
ANEWPERSPECTIVEONPRODUCTIONFUNCTIONS31
ProbfX
xmaxjXxmaxgfor >1,wherexstandsforeither invarianttoxmax.
32CHARLESI.JONES
bothcases.
ANEWPERSPECTIVEONPRODUCTIONFUNCTIONS33
5.CONCLUSIONS
eratureonappropriatetechnologies. rametersoftheideadistributions.
34CHARLESI.JONES
APPENDIXA
TheSteady-StateGrowthTheorem
true. proved.
Cobb-Douglas.
F lim functionisasymptoticallylinearincapital.
ANEWPERSPECTIVEONPRODUCTIONFUNCTIONS35
ProofofTheoremA.12
quotesdbs_dbs8.pdfusesText_14