The Shape of Production Functions and the Direction of Technical Change

By Charles I. Jones. 2005

491 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/2dee14b7ac118201c677dd42fb00e10f562ab684

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In Economics and Econometrics

Citations in the corpus

Establishment Size Dynamics in the Aggregate Economy (2007, unknown): “…multi-sector growth model with a new constant returns to scale production function.3 As a result of the log-linear assumptions, we get the well-known result 3In a related paper Jones (2005) shows how a Pareto size distribution of ideas leads to an aggregate Cobb-Douglas production function.”
Robots, reshoring, and the lot of low-skilled workers (2018, background): “One reason for why technological unemployment has not been a problem up to now might be that technological progress has been labor-augmenting in the past (Romer, 1990; Jones, 2005a) and therefore it raised the productivity of low-skilled workers to the extent that their wages increased.”
Getting Normalization Right: Dealing with ‘Dimensional Constants’ in Macroeconomics (2012, methodology): “This is why Klump and Saam (2008) talk about arbitrary and inconsistent results if the CES function is not correctly normalized. Klump and de La Grandville (2000) also stressed that one of their objectives was to advocate the use of normalized CES functions in growth models.4 A normalized CES produc”
Misallocation in the Market for Inputs: Enforcement and the Organization of Production* (2018, unknown): “…that include Oberfield (2018), Eaton, Kortum and Kramarz (2015), Lim (2017), Lu, Mariscal and Mejia (2013), Chaney (2014), Acemoglu and Azar (2020), Taschereau-Dumouchel (2017), and Tintelnot et al. (2017)4, and uses aggregation techniques pioneered by Houthakker (1955) and Jones (2005).”
The Fall of the Labor Share and the Rise of Superstar Firms* (2017, background): “The macro-level stability of labor’s share was always, as Keynes remarked, “something of a miracle,” and indeed disguised a lot of instability at the industry level (Jones 2005; Elsby, Hobijn, and Sahin 2013).”
Power Laws in Economics: An Introduction (2016, background): “Jones (2005) generates the functional form but not the particular exponent.”
Labor Share Decline and Intellectual Property Products Capital (2020, unknown): “, there is no proprietors’ income), see the discussion in Karabarbounis and Neiman (2014a).(40) Secondly, the corporate sector does not include either the housing sector or the government sector, where the measurement of LS is subject to criticism (Gomme and Rupert, 2004, 2007).”
Identifying the Elasticity of Substitution with Biased Technical Change (2010, methodology): “We also note that for constant e ciency levels ΓKt = Γ N t = 1 our normalized function is formally identical with the CES function that Jones (2005) proposed for the characterization of the short term .10 Moreover, we now see that the parameters of (10) have a clear, unambiguous interpretation in…”
The Dynamics of Inequality (2016, unknown): “See Jones and Kim (2014) and Jones (2015) for two papers that use this fact extensively.”
Consumption amenities and city population density (2008, background): “Aggregate Cobb-Douglas production is also implied by weaker assumptions on firm-level production (Jones, 2005).”
Capital Deepening and Non-Balanced Economic Growth (2008, unknown): “Definition 4 A dynamic equilibrium is given by paths of wages, interest rates, labor and capital allocation decisions, w, r, λ and κ, satisfying (29), (30), (31), (32), (33) and (34), and of consumption, C, capital stock, K, employment, L, and technology, M1 and M2, satisfying (12), (16), (21), (43)”
The Global Decline of the Labor Share (2014, unknown): “As discussed in Barro and Sala-i-Martin (1995) and Jones (2003), a balanced growth path with nonzero factor shares will only emerge if technology growth is labor-augmenting, regardless of the production function, or if the production function is Cobb-Douglas, even if technology growth is…”
Capital Deepening and Nonbalanced Economic Growth (2008, unknown): “Using (24) and (25) we can rewrite the prices for the labor- and capital-intensive intermediates as q1 = γM 1 ν−1 1 ¡ Y1 Y ¢− 1 ε and q2 = (1− γ)M 1 ν−1 2 ¡ Y2 Y ¢− 1 ε , and the flow profits from the sale of the labor- and capital-intensive intermediates are:”