Factor substitution, long-run equilibrium, and convergence speed in the Lucas model

IF 2.1 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2023-09-17 DOI:10.1016/j.econlet.2023.111358

Manuel A. Gómez

引用次数: 0

Abstract

We study the effect of factor substitution on long-run equilibrium in the Lucas model with CES production. The long-run growth rate does not depend on the elasticity of substitution. However, there is a negative (positive) relationship between the elasticity of factor substitution and the convergence speed if the baseline ratio of physical capital to effective labor is below (above) its steady-state value.

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卢卡斯模型中的要素替代、长期均衡和收敛速度

在具有消费电子产品的Lucas模型中，我们研究了要素替代对长期均衡的影响。长期增长率并不取决于替代的弹性。然而，如果实物资本与有效劳动力的基线比率低于（高于）其稳态值，则要素替代的弹性与收敛速度之间存在负（正）关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economics Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.