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1 - 10 van 60 voor ces production
analyzing macro economic impact child care subsidies age approach pdf
... agents whereas households supply labor. firms produce commodities according to a ces production function, which allows some substitution between unskilled, low skilled and high skilled ... simulation prices percentage changes wage rate production price consumption price volumes private consumption public consumption exports imports private production private employment -unskilled -low skilled - ...
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analyzing fiscal policy netherlands simulations revised mimic pdf
... ces production function and the corresponding substitution elasticities on several empirical studies for the united states (see e.g. hamermesh, 1993). in contrast, the new model contains estimated parameters in the production ... output prices. 4 domestic firms maximize profits subject to a neo-classical ces production function that exhibits constant returns to scale2 with respect to five factor ...
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fiscal prefunding response demographic uncertainty pdf
... that the incidence of profit taxation is fully shifted to labour. production takes place with labour and capital according to a ces production technology. the model assumes a perfect labour market wage accommodation ... addition, the capital stock adjusts quickly to accommodate the lower labour supply and so domestic production suffers. the impact of the tax on households can be seen in the decline of ...
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gamma simulation model ageing pensions and public finances pdf
... a pareto improvement is possible. 2.4 firms private sector production in gamma is characterized by a simple neo-classical ... budget restriction, the determinants of firm's value and its production technology. subsequently the implied capital demand and wage equations will ... labour. output is produced according to a ces production function with labour and capital as production factors yge(t) ks e (t le(t ...
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N:\publicaties\...\cpbdoc30.wp [PFP#531103649]
... and mauskopf, 1985) uses a cobb-douglas production function in capital, labour, and energy to specify long-term factor demands. jade employs a ces cost function to specify long-term demand equations ... we did not model these components separately. technology can be represented by a ces production function where y stands for production of gross value added, le for labour input in efficiency-units, ke ...
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impact demographic uncertainty public finances netherlands pdf
... interest rate, which is determined on world capital markets. production takes place with labour and capital according to a ces production technology. the model assumes a perfect labour market wage ... distribution of macroeconomic outcomes. increases in (non-stochastic) labour productivity will cause real domestic production to increase by a significant degree over the next fifty years. as with ...
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lost race between schooling and technology pdf
... assume that high-skilled labour and capital are nested in the aggregate production function with a constant returns sub-production function g(.), dropping the time indices for convenience y af (l,g ... workers. katz and murphy (1992) based their analysis on a ces production function without capital 4 if we have a cobb-douglas production function, then 1, and there is no capital skill complementarity ...
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Microsoft Word - Memorandum_Arjan_Bas_Extern_135.doc
... economic outcomes. in particular, we first apply nested ces sub-production functions within each aggregate skill group to capture the ... high and low skilled aggregates be nested through a ces production function of the various skill sub-types ( ) ,, 1 22 ... to calibrate the aggregate, the nested lower and nested higher ces production functions. in particular we assume that the mincer returns satisfy ...
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memo115.pdf
... its decease (yaari (1965)). the model abstracts from bequests. firms production takes place with labour and capital according to a ces production technology. the dutch economy is considered to be small relative ... stock. labour supply is exogenous. the marginal productivity equation of labour and the production function determine the production level and the wage rate. assume yge ks ae(t -1) -1 + ...
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Microsoft Word - memo237.doc
... production function is the preferred model. within this class of models, the most flexible functional form seems most convenient. therefore the ces production function is chosen. 3.2 utility function with home production in the literature on household production we find various ways to ...
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