A Generalized Uzawa Growth Theorem

Material type: 文書・図像類

Author: Casey, Gregoryほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2023-10

Material Format: Paper

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Note (General)：: We prove a generalized, multi-factor version of the Uzawa steady-state growth theorem. Balanced growth with capital-augmenting technical change is pos...

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Paper

Material Type: 文書・図像類
Title: A Generalized Uzawa Growth Theorem
Author/Editor: Casey, Gregory
Horii, Ryo
Author Heading: Casey, Gregory
Horii, Ryo
https://nrid.nii.ac.jp/nrid/1000090324855
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2023-10
Publication Date (W3CDTF): 2023-10
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 1215
Volume: 1215
Pages: 1-44
ISSN (Periodical Title): PISSN : 0473453X
EISSN : 24350982
Text Language Code: eng
Subject Heading: Balanced Growth
Uzawa Steady-State Growth Theorem
Technological Change
Land
Natural Resources
Target Audience: 一般
Note (General): We prove a generalized, multi-factor version of the Uzawa steady-state growth theorem. Balanced growth with capital-augmenting technical change is possible when capital has a unitary elasticity of substitution with at least one other factor of production. Thus, a neoclassical growth model with three or more factors of production can be consistent with empirical evidence on both the capital-labor elasticity of substitution and the declining price of investment relative to consumption. In a three-factor model calibrated to US data, medium-run fluctuations in the investment price explain labor share movements from 1960-2000, but not the subsequent fall in the labor share.
References (URI): URI
https://www.iser.osaka-u.ac.jp/library/dp/2023/DP1215.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華