Estimation of the elasticity of substitution between oil and capital

研究成果: ジャーナルへの寄稿記事

1 引用 (Scopus)

抄録

The elasticity of substitution between oil and capital is a key parameter when researchers analyze the effect of oil shocks on the economy by using dynamic general equilibrium models. This paper estimates the elasticity of substitution in the U.S. economy, which is consistent with a large class of DGE models. We find that the estimated elasticity of substitution becomes lower than the value estimated by earlier empirical studies. A low elasticity of substitution implies that oil supply shocks have large impacts on the economy.

元の言語英語
ページ(範囲)655-660
ページ数6
ジャーナルEconomics Bulletin
29
発行部数2
出版物ステータス出版済み - 2009
外部発表Yes

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Oil
Elasticity of substitution
Supply shocks
Empirical study
Oil supply
US economy
Dynamic general equilibrium model
Oil shocks

All Science Journal Classification (ASJC) codes

  • Economics, Econometrics and Finance(all)

これを引用

Estimation of the elasticity of substitution between oil and capital. / Miyazawa, Kensuke.

:: Economics Bulletin, 巻 29, 番号 2, 2009, p. 655-660.

研究成果: ジャーナルへの寄稿記事

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