León-Ledesma, Miguel A.; McAdam, Peter; Willman, Alpo - 2010
Capital-labor substitution and total factor productivity (TFP) estimates are essential features of growth and income … estimation of the substitution elasticity can be substantially biased if the form of technical progress is misspecified. For some … Constant Elasticity of Substitution production function is then estimated within a “normalized” system approach for the US …