scholarly journals Micro Data and Macro Technology

Econometrica ◽  
2021 ◽  
Vol 89 (2) ◽  
pp. 703-732
Author(s):  
Ezra Oberfield ◽  
Devesh Raval
Keyword(s):  
Cross Section ◽  
Technical Change ◽  
Capital Accumulation ◽  
Manufacturing Sector ◽  
Elasticity Of Substitution ◽  
Relative Importance ◽  
Micro Data ◽  
The Cross ◽  
Labor's Share ◽  
The U.S

We develop a framework to estimate the aggregate capital‐labor elasticity of substitution by aggregating the actions of individual plants. The aggregate elasticity reflects substitution within plants and reallocation across plants; the extent of heterogeneity in capital intensities determines their relative importance. We use micro data on the cross‐section of plants to build up to the aggregate elasticity at a point in time. Interpreting our econometric estimates through the lens of several different models, we find that the aggregate elasticity for the U.S. manufacturing sector is in the range of 0.5–0.7, and has declined slightly since 1970. We use our estimates to measure the bias of technical change and assess the decline in labor's share of income in the U.S. manufacturing sector. Mechanisms that rely on changes in the relative supply of factors, such as an acceleration of capital accumulation, cannot account for the decline.

Large Excess Reserves in the U.S.: A View from the Cross-Section of Banks

2012 ◽  
Author(s):  
Huberto M. Ennis ◽  
Alexander L. Wolman
Keyword(s):  
Cross Section ◽  
Large Excess ◽  
Excess Reserves ◽  
The Cross ◽  
The U.S

scholarly journals Modèle d’estimation de l’élasticité de substitution et du progrès technologique

2009 ◽  
Vol 57 (2) ◽  
pp. 148-159
Author(s):  
Richard G. Zind
Keyword(s):  
Regression Analysis ◽  
Technical Change ◽  
Elasticity Of Substitution ◽  
A Value ◽  
The U.S

ABSTRACT We derive in the present study a set of equations that yield, through regression analysis, estimates of the elasticity of substitution and of the indexes of technical change attributed to Hicks, Harrod and Solow. On the basis of data drawn from the U.S. non-farm economy, we obtain estimates that are consistent with other findings namely a value for the elasticity of substitution (between labour and capital) that is less than unity and indexes which imply that technology has tended to be Hicks labour-saving, Harrod capital-saving and Solow labour-saving.

Structural transformation of the capital stock and capital-saving technical change

2007 ◽  
Vol 57 (3) ◽  
pp. 263-279
Author(s):  
A. Szalavetz
Keyword(s):  
Technical Change ◽  
Capital Accumulation ◽  
Manufacturing Industry ◽  
Manufacturing Sector ◽  
Capital Intensity ◽  
Intangible Capital ◽  
Intensity Increase ◽  
The Us ◽  
The One ◽  
Two Sectors

We argue that the information technology revolution has brought about the differentiation of secular capital-using and labour-saving direction of technical change. Based on the example of the US manufacturing industry, asset and sector specific differences in the bias of technical change are documented. While the clear ICT- and intangible capital-using bias of technical change is well-documented in the literature, this paper provides evidence for the non-ICT capital-saving bias of technical change in the fifth Kondratieff cycle. In the past decade the US manufacturing sector displayed a noticeable deceleration of capital accumulation and capital intensity increase, a trend that diverges from the one observed in the other two sectors of the economy: in agriculture and in services. Non-ICT capital-saving technical change provokes increasing divergence between the development strategies of technological followers (characterised by tangible investment-led growth, and increasing capital-output ratios), and of technological leaders (marked by increasing intangible capital-intensity and diminishing tangible capital-intensity).

Understanding the cross-section of the U.S. housing bubble: The roles of lending, transaction costs, and rent growth

2014 ◽  
Vol 15 ◽  
pp. 76-90 ◽  
Author(s):  
Gautam Goswami ◽  
Sinan Tan ◽  
Maya Waisman
Keyword(s):  
Transaction Costs ◽  
Cross Section ◽  
Housing Bubble ◽  
The Cross ◽  
The U.S

scholarly journals Technological Change and Labor's Relative Share: The Mechanization of U.S. Cotton Production

1977 ◽  
Vol 9 (2) ◽  
pp. 137-141 ◽  
Author(s):  
Marshall A. Martin ◽  
Joseph Havlicek
Keyword(s):  
World War Ii ◽  
Technological Change ◽  
Agricultural Sector ◽  
Manufacturing Sector ◽  
Cotton Production ◽  
Relative Share ◽  
Post War ◽  
Labor's Share ◽  
Secular Increase ◽  
The U.S

Prior to World War II, labor's share in the U.S. manufacturing and agricultural sectors was relatively constant. Keynes called this “a bit of a miracle.” Several studies have shown that labor's share in the U.S. manufacturing sector has increased in the post-war period. The opposite appears to have been the case for U.S. agriculture. Two studies indicate that labor's relative share in the U.S. agricultural sector has declined in the post-war period.There has been a substantial substitution of capital for labor in both the manufacturing and agricultural sectors in the post-war period. The secular increase in the wage-rental ratio has encouraged substitution of capital for labor. However, while this argument alone might explain the observed decline in labor's share in the agricultural sector, it does not explain what has occurred in the manufacturing sector. Moreover, this argument excludes another important characteristic of both sectors in the post-war period: technological change.

A New Approach to the Demonstration of Oxidase-Localization Using Tannic Acid Or Catechin

1973 ◽  
Vol 31 ◽  
pp. 698-699
Author(s):  
V. Mizuhira ◽  
Y. Futaesaku
Keyword(s):  
Cross Section ◽  
Tannic Acid ◽  
Elastic Fiber ◽  
The Other ◽  
New Approach ◽  
Tissue Block ◽  
Active Reaction ◽  
The Cross

Previously we reported that tannic acid is a very effective fixative for proteins including polypeptides. Especially, in the cross section of microtubules, thirteen submits in A-tubule and eleven in B-tubule could be observed very clearly. An elastic fiber could be demonstrated very clearly, as an electron opaque, homogeneous fiber. However, tannic acid did not penetrate into the deep portion of the tissue-block. So we tried Catechin. This shows almost the same chemical natures as that of proteins, as tannic acid. Moreover, we thought that catechin should have two active-reaction sites, one is phenol,and the other is catechole. Catechole site should react with osmium, to make Os- black. Phenol-site should react with peroxidase existing perhydroxide.

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