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The Calibration of CES Production Functions

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Author Info
Jonathan R. W. Temple ()

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Abstract

This note addresses some issues that arise when using 'normalized' CES production functions, an approach that has become popular in the literature. The results of Klump and de La Grandville (2000) provide a simple way to calibrate the parameters of the CES production function when the necessary data are available. But some of the other applications of normalized CES production functions appear problematic, especially when used to argue that productivity is increasing in the elasticity of substitution.

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File URL: http://www.efm.bris.ac.uk/economics/working_papers/pdffiles/dp08606.pdf
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Publisher Info
Paper provided by Department of Economics, University of Bristol, UK in its series Bristol Economics Discussion Papers with number 08/606.

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Length: 16 pages
Date of creation: Sep 2008
Date of revision:
Handle: RePEc:bri:uobdis:08/606

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Related research
Keywords: CES production functions; elasticity of substitution; normalization;

Find related papers by JEL classification:
D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor Productivity; Capacity
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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References listed on IDEAS
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  1. Daron Acemoglu, 2003. "Labor- And Capital-Augmenting Technical Change," Journal of the European Economic Association, MIT Press, vol. 1(1), pages 1-37, 03. [Downloadable!] (restricted)
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This page was last updated on 2009-11-14.

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