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Energy-Saving Technical Change / John Hassler, Per Krusell, Conny Olovsson.
- Format:
- Book
- Author/Creator:
- Hassler, John.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w18456.
- NBER working paper series no. w18456
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2012.
- Summary:
- We estimate an aggregate production function with constant elasticity of substitution between energy and a capital/labor composite using U.S. data. The implied measure of energy-saving technical change appears to respond strongly to the oil-price shocks in the 1970s and has a negative medium-run correlation with capital/labor-saving technical change. Our findings are suggestive of a model of directed technical change, with low short-run substitutability between energy and capital/labor but significant substitutability over longer periods through technical change. We construct such a model, calibrate it based on the historical data, and use it to discuss possibilities for the future.
- Notes:
- Print version record
- October 2012.
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