Normalizing VES production functions: extending the supply-side system approach

Río, Fernando del; Rebelo, Francisco

http://hdl.handle.net/10400.14/56454

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Autores

Río, Fernando del

Rebelo, Francisco

Resumo(s)

This paper extends the Klump et al. (2007) normalization procedure to Variable Elasticity of Substitution (VES) production functions. Normalization addresses identification issues in VES model estimation, allowing joint estimation of substitution elasticities and factor-augmenting technical change, while offering a tractable extension of the normalized supply-side system that bridges the gap between CES and more flexible VES specifications.

Palavras-chave

Capital-labour elasticity of substitution Factor-augmenting technical change Identification Normalization Normalized supply-side system Variable elasticity of substitution (VES)

URI

http://hdl.handle.net/10400.14/56454

Citação

Río, F. D., & Rebelo, F. (2026). Normalizing VES production functions: extending the supply-side system approach. Economics Letters, 259, Article 112794. https://doi.org/10.1016/j.econlet.2025.112794

DOI

10.1016/j.econlet.2025.112794

Coleções

CEGE - Contribuições em Revistas Científicas / Contribution to Journals

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