Energy price shocks, input price changes, and developmental implications: A translog model applied to Puerto Rico
用超越对数成本函数分析1970年代能源冲击如何改变资本、劳动和能源的相对价格关系，并以波多黎各为例探讨其对小型开放经济体的发展影响。
Abstract The energy shocks of the 1970s that altered the relative price relationships between factor inputs and induced structural changes are analysed with the use of a translogarithmic cost function that incorporates the inputs capital, labour, and energy. The developmental implications of these structural changes on a small, open, and energy/capital importing region are emphasized, taking the case of Puerto Rico as an example. In terms of the partial elasticities of substitution, the capital‐labour relationship moved from highly substitutable in the pre‐1973 period to weakly complementary thereafter. The energy‐labour association was transformed from high to low substitutability, and that of energy‐capital from highly complementary to substitute. Notes Respectively, Assistant Professor of Economics, University of Puerto Rico at Mayaguez and Professor of Economics, University of Puerto Rico at San Juan. The authors wish to acknowledge the aid and comments of Arnaldo Alvarez, Juan Dávila, Hiroki Tsurumi, and an anonymous referee.