Wages in a factor proportions time series model of the US
AbstractThe theoretical effects of changes in prices and factor endowments on wages in general equilibrium models have been examined under various assumptions. The present paper is the first to estimate wage effects in the context of this theory. The data cover the US real wage, labor force, fixed capital assets, energy input, and prices of manufactures and services from 1949 to 2006. Estimated input elasticities of the wage are consistent with labor in the middle of the factor intensity ranking, and energy as very intensive in manufacturing. The estimation technique quantifies fundamental influences on the labor market.
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Bibliographic InfoArticle provided by Taylor and Francis Journals in its journal The Journal of International Trade & Economic Development.
Volume (Year): 19 (2010)
Issue (Month): 2 ()
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- Thompson, Henry, 2011. "Estimating the Heckscher-Ohlin model: Inverting the inverse matrix," International Review of Economics & Finance, Elsevier, vol. 20(2), pages 185-192, April.
- Henry Thompson, 2010. "Energy Substitution, Production, and Trade in the US," Auburn Economics Working Paper Series auwp2010-06, Department of Economics, Auburn University.
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- Hyeongwoo Kim & Henry Thompson, 2012. "Wages in a Factor Proportions Model with Energy Input," Auburn Economics Working Paper Series auwp2012-05, Department of Economics, Auburn University.
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