ABSTRACT

The main aim of this paper is to derive data for labour-augmenting technology (LAT) through growth accounting from a CES production function compatible with the stylized facts of growth. We solve a CES function for its LAT term and insert data. This provides LAT levels for alternative elasticities of substitution for 70 countries, 1950-2017. These LAT data then are analysed in relation to topics in the literature. Results are as follows. (i) The percentage growth rates of LAT are shown to fall over time (productivity slowdown) for all elasticity values in a panel data analysis with slope homogeneity. (ii) The standard growth result of a GDP growth rate equal to that of LAT and labour input holds only for LAT data based on low elasticities of substitution indicating that the economies are not in steady states. (iii) Matching the labour/capital share ratios from CES functions with those of PWT9.1 if the MPL-to-wage ratio is 1.6, the elasticities of substitution vary around 0.8. For this value, (iv) 13 of 69 countries have a productivity slowdown; (v) LAT growth rates are negatively related to their levels ten years ago without strongly changing the coefficient of variation or kernel density distribution over time.

摘要

本文的主要目的是通过与增长的程式化事实相兼容的 CES 生产函数的增长核算，得出劳动力增加技术 (LAT) 的数据。我们为其 LAT 项求解 CES 函数并插入数据。这提供了 70 个国家 1950-2017 年替代替代弹性的 LAT 水平。然后根据文献中的主题对这些 LAT 数据进行分析。结果如下。(i) 对于具有斜率同质性的面板数据分析中的所有弹性值，LAT 的百分比增长率显示随时间下降（生产率放缓）。(ii) GDP 增长率等于 LAT 和劳动力投入的标准增长结果仅适用于基于低替代弹性的 LAT 数据，表明经济不处于稳定状态。(iii) 如果 MPL 与工资的比率为 1.6，则将 CES 函数的劳动/资本份额比率与 PWT9.1 的劳动/资本份额比率相匹配，替代弹性在 0.8 左右变化。对于这个值，(iv) 69 个国家中有 13 个国家的生产率放缓；(v) LAT 增长率与其十年前的水平呈负相关，但变异系数或内核密度分布随时间变化不大。