Resource title

Calibration of normalised CES production functions in dynamic models

Resource image

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Resource description

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.

Resource author

Rainer Klump, Marianne Saam

Resource publisher

Resource publish date

Resource language

eng

Resource content type

text/html

Resource resource URL

http://hdl.handle.net/10419/24533

Resource license

Adapt according to the presented license agreement and reference the original author.