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- W2327962878 abstract "Current estimates of the elasticity of substitution in the Canadian total manufacturing sector are based either on direct estimation of the parameters of the CES production function using a non-linear estimation technique [2; 27] or on indirect estimation of the same parameters using the profit-maximizing condition that labor is employed up to the point where its marginal revenue product is equal to the wage rate [12; 13; 14] or the profit-maximizing condition that the marginal revenue product of capital must equal the implicit rental price of capital [15]. Unfortunately, none of these methods permits one to focus on the time structure of the substitution process. Since both employment and investment respond with a lag to changes in market conditions [10; 16; 20] it follows that it takes time for the capital-labor ratio to adjust to changes in the factor price ratio. One attempt to estimate the time structure of the elasticity of substitution was made by Ferguson and Moroney [6; 18] in their work on the elasticity of substitution, technological progress and factor shares using American data. In their analysis the current capital-labor ratio is a function of the current factor price ratio, time, and the capital-labor ratio lagged one year [6, 315; 18, 216]. Unfortunately, their model fails to allow for two possibilities. First, the exponentially declining distributed lag structure used in their model may not be the best lag structure for estimating the lagged response of the capitallabor ratio to a change in the factor price ratio. Second, they do not incorpo-" @default.
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- W2327962878 date "1978-04-01" @default.
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- W2327962878 title "On Estimating the Time Structure of Capital-Labor Substitution in the Manufacturing Sector: A Model Applied to 1949-72 Canadian Data" @default.
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- W2327962878 doi "https://doi.org/10.2307/1057726" @default.
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