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Variable markups and capital-labor substitution

Wei Jiang () and Miguel Leon-Ledesma ()

Economics Letters, 2018, vol. 171, issue C, 34-36

Abstract: We provide new estimates of the elasticity of capital-labor substitution (σ) and the bias in technical change allowing price markups to change over time as shown in De Loecker and Eeckhout (2017). Our estimate of σ is in the region of 0.8 and technical change is net capital-augmenting.

Keywords: Capital-labor substitution; Price markups; Biased technical change (search for similar items in EconPapers)
JEL-codes: E23 E25 O47 (search for similar items in EconPapers)
Date: 2018
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