A Double Calibration Approach To The Estimation Of Technological Change

摘要

This paper suggests a new methodology for evaluating technological change in a multi-sector general equilibrium framework. The double calibration technique was applied to an ex post decomposition analysis of technological change between two periods, enabling a distinction to be made between price-induced and factor-biased technological changes for each sector. The method is applied to an empirical case-the oil crises in Japan between 1970 and 1980.