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Calibration of normalised CES production functions in dynamic models

  • Klump, Rainer
  • Saam, Marianne

Normalising CES production functions allows to choose technology parameters of dynamic models in a plausible way and excludes arbitrary effects of changes in the elasticity of substitution. As an illustration, the speed of convergence in the Ramsey model is considered.

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File URL: http://www.sciencedirect.com/science/article/B6V84-4P940J0-1/1/32da478b6c591af9e4e75313ff7b31cb
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Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 99 (2008)
Issue (Month): 2 (May)
Pages: 256-259

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Handle: RePEc:eee:ecolet:v:99:y:2008:i:2:p:256-259
Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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  1. Jaume Ventura & Francesco Caselli, 2000. "A Representative Consumer Theory of Distribution," American Economic Review, American Economic Association, vol. 90(4), pages 909-926, September.
  2. Rainer Klump, 2001. "Trade, money and employment in intertemporal optimizing models of growth," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 10(4), pages 411-428.
  3. Stephen Turnovsky & Cecilia Garcia Penalosa, 2006. "The Dynamics of Wealth and Income distribution in a Neoclassical Growth Model," Computing in Economics and Finance 2006 318, Society for Computational Economics.
  4. King, R.G. & Rebelo, S.T., 1989. "Transitional Dynamics And Economic Growth In The Neoclassical Model," RCER Working Papers 206, University of Rochester - Center for Economic Research (RCER).
  5. Kaz Miyagiwa & Chris Papageorgiou, 2007. "Endogenous Aggregate Elasticity of Substitution," Emory Economics 0707, Department of Economics, Emory University (Atlanta).
  6. Olivier de La Grandville & Rainer Klump, 2000. "Economic Growth and the Elasticity of Substitution: Two Theorems and Some Suggestions," American Economic Review, American Economic Association, vol. 90(1), pages 282-291, March.
  7. Turnovsky, Stephen J., 2002. "Intertemporal and intratemporal substitution, and the speed of convergence in the neoclassical growth model," Journal of Economic Dynamics and Control, Elsevier, vol. 26(9-10), pages 1765-1785, August.
  8. Glachant, Jerome & Vellutini, Charles, 2002. "Quantifying the relationship between wealth distribution and aggregate growth in the Ramsey model," Economics Letters, Elsevier, vol. 74(2), pages 237-241, January.
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