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This is a preview. Log in through your library . Abstract It is often asserted that the more substitutable capital and labor are in the aggregate production the more rapidly an economy grows. Recently ...

We estimate the upper-level elasticity of substitution between goods and services of a nested aggregate CES preference specification. We show how this elasticity can be derived from the long-run ...

Empirical evidence indicates that the elasticity of capital-labor substitution for the aggregate U.S. economy is below unity. In contrast, the existing indeterminacy literature has mostly restricted ...