In a market-clearing labor market model, cointegration arises between labor services, real wages, and I(1) technology shocks with two cointegrating vectors in the error correction VAR from the market. Using patent data to measure technology shocks, patents are found to be I(1), they are...

This article provides estimates of Morishima elasticities of substitution between private consumption expenditures (nondurable goods, services, and the stock of durable goods) and government expenditures (federal defense expenditures, federal nondefense expenditures, and state and local...