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  •   Repositorio Institucional EdocUR - Universidad del Rosario
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  • Facultad de Economía
  • Documentos de trabajo economía
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Evidence of induced innovation in US Sectoral Capital’s Shares

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Date
2010-03
Author
Young, Andrew T.
Zuleta, Hernando
Garcia-Suaza, AndresAutoridad Universidad de Rosario
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Citation
URI
https://ideas.repec.org/p/col/000092/006740.html...

Summary

We use annual data on capital’s share and relative factor prices from 35 US industries from 1960 to 2005 to test the induced innovation hypothesis. We derive, from a production function framework, testable implications for the effect of contemporaneous and lagged factor price ratios on capital’s share of production. The predicted effect is positive or negative depending on the elasticity of substitution between labor and capital. From panel regressions, the estimated effect of the contemporaneous factor price ratio implies an elasticity of substitution that is less than unity, consistent with the consensus from the literature. Based on this, our negative estimated effects for lagged price ratios are both statistically significant and consistent with the induced innovation hypothesis.
Subject
Induced innovation ; Biased technical change ; Capital’s share ; Labor’s share ; Elasticity of substitution ;

Subject

Producción ;

Source link

https://ideas.repec.org/p/col/000092/006740.html...

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