CES Production Functions and Economic Growth
研究了CES生产函数在增长模型中的不一致性，发现更高的替代弹性会提高稳态水平并增加持续增长的可能性，其对收敛速度的影响取决于要素的相对稀缺性。
We examine inconsistencies and controversies related to the use of CES production functions in growth models. First, we show that not all variants of CES functions commonly used are consistently specified. Second, using a simple growth model, we find that a higher elasticity of substitution leads to a higher steady state and makes the emergence of permanent growth more probable. It is also pointed out that the effect of a higher elasticity of substitution on the speed of convergence depends on the relative scarcity of the factors of production. Finally, we discuss possible explanations of variations in the elasticity of substitution.