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| Author: | Hsing, Y. |
| Title: | Testing for Flexible Employment Elasticity Hypothesis: Application of an Expanded Box-Cox Model to US Manufacturing |
| Journal: | Quarterly Review of Economics and Business
1989 : SUMMER, VOL. 29:2, p.96-107 |
| Index terms: | ECONOMETRICS ECONOMETRIC MODELS |
| Language: | eng |
| Abstract: | The variable employment elasticity hypothesis is tested by applying the Box-Cox extended autoregressive model of Savin and White. The main findings of the paper are as follows: (1) wage and output elasticities are rising, showing more unemployment effect and decreasing returns to scale in recent years; (2) the conventional double-log form can be rejected. (3) It underestimates the wage elasticity by almost 50 %.; (4)the cross-elasticity between labor demand and the cost of capital services remains stable. |
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