JEEA-FBBVA Lecture 2018: The Microeconomic Foundations of Aggregate Production Functions
研究总量生产函数如何从异质性生产者与要素的投入产出相互作用中内生形成，推导其一阶和二阶性质，并用微观充分统计量非参数刻画要素替代弹性与技术进步的宏观偏向，为理解剑桥资本争论提供新视角。
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 nonparametric characterizations of the macroelasticities of substitution between factors and of the macrobias of technical change in terms of microsufficient statistics. They allow us to generalize existing aggregation theorems and to derive new ones. We relate our results to the famous Cambridge–Cambridge controversy.