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The microeconomic foundations of aggregate production functions

Author: David Rezza Baqaee; Emmanuel Farhi; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2018.
Series: Working paper series (National Bureau of Economic Research), no. 25293.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Aggregate production functions are reduced-form relationships that emerge endogenously from input-output interactions between heterogeneous producers and factors in general equilibrium. We provide a general methodology for analyzing such aggregate production functions by deriving their first- and second-order properties. Our aggregation formulas provide non-parameteric characterizations of the macro elasticities of  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: David Rezza Baqaee; Emmanuel Farhi; National Bureau of Economic Research,
OCLC Number: 1076361728
Notes: "November 2018"
Description: 1 online resource (62 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 25293.
Responsibility: David Baqaee, Emmanuel Farhi.

Abstract:

Aggregate production functions are reduced-form relationships that emerge endogenously from input-output interactions between heterogeneous producers and factors in general equilibrium. We provide a general methodology for analyzing such aggregate production functions by deriving their first- and second-order properties. Our aggregation formulas provide non-parameteric characterizations of the macro elasticities of substitution between factors and of the macro bias of technical change in terms of micro sufficient statistics. They allow us to generalize existing aggregation theorems and to derive new ones. We relate our results to the famous Cambridge-Cambridge controversy.

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