Factor substitution, long-run equilibrium, and convergence speed in the Lucas model
研究了CES生产函数下要素替代弹性对卢卡斯模型长期均衡的影响，发现长期增长率不受替代弹性影响，但收敛速度与替代弹性之间的关系取决于初始资本劳动比是否低于稳态值。
We study the effect of factor substitution on long-run equilibrium in the Lucas model with CES production. The long-run growth rate does not depend on the elasticity of substitution. However, there is a negative (positive) relationship between the elasticity of factor substitution and the convergence speed if the baseline ratio of physical capital to effective labor is below (above) its steady-state value.