Calibration of Normalised CES Production Functions in Dynamic Models


Klump, Rainer ; Saam, Marianne


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URL: http://ub-madoc.bib.uni-mannheim.de/1462
URN: urn:nbn:de:bsz:180-madoc-14626
Document Type: Working paper
Year of publication: 2006
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: O41 E27 E24 ,
Subject headings (SWD): CES-Funktion , Produktionsfunktion , Makroökonomie
Keywords (English): CES production functions , normalisation , calibration , Ramsey model
Abstract: Normalising CES production functions in the calibration of basic dynamic models allows to choose technology parameters in an economically plausible way. When variations in the elasticity of substitution are considered, normalisation is necessary in order to exclude arbitrary effects. As an illustration, the effect of the elasticity of substitution on the speed of convergence in the Ramsey model is computed with different normalisations.
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Klump, Rainer ; Saam, Marianne (2006) Calibration of Normalised CES Production Functions in Dynamic Models. Open Access [Working paper]
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