This paper unites elements of Sidrauski's (1967) monetary model of growth, Ventura's (1997) analysis of the effects of international trade on growth, and some work on the labour market implications of growth by Barro and Sala-i-Martin (1995). It was shown by Ventura that, for a small economy,...

We examine inconsistencies and controversies related to the use of CES production functions in growth models. First, we show that not all variants of CES functions commonly used are consistently specified. Second, using a simple growth model, we find that a higher elasticity of substitution...

Using a normalized CES function with factor-augmenting technical progress, we estimate a supply-side system of the U.S. economy from 1953 to 1998. Avoiding potential estimation biases that may have occurred in earlier studies and putting a high emphasis on data consistency, we obtain robust...

We analyze a generalized neoclassical growth model that combines a normalized CES production function and possible asymmetries of savings out of factor incomes. This generalized model helps to shed new light on a recent debate concerning the impact of factor substitution and income distribution...

Bei der Rezeption der ordoliberalen Freiburger Schule wurde bislang die wirtschaftsethische Perspektive weitgehend vernachlaessigt. Der Aufsatz gibt vertiefte Einblicke in das ethisch-normative Denken des Ordoliberalismus am Beispiel des Werks von Walter Eucken. Dabei wird es neben der...

Based on German panel data between 1984 and 1999, we test for the interaction of social security benefits and private wealth formation. In a simple life-cylce model benefits from public pension systems should displace equal amounts of private retirement accumulation. Our estimate for the offset...

This article examines the long-term impact of government transfers on poverty in the United States using cointegration techniques. In contrast to most existing studies, we find that government transfers play an important poverty-reducing role.