经济与金融系学术讨论会第258期

题目：Adjustment Cost of Investment, Endogenous Direction of Technical Change, and Income Shares of Factor

演讲人：黎德福（同济大学经济与管理学院副教授）

时间：2025年10月21日（周二）12:00–13:00

地点：同济大厦A楼505室

同步#腾讯会议：788135812

会议密码：658636

链接：https://meeting.tencent.com/dm/m9p84zue6TpZ

摘要：Abstract: This paper incorporates investment adjustment costs into a framework with an endogenous direction of technological progress and derives a steady-state equilibrium under a CES production function that includes capital-augmenting technological progress, in which the market interest rate and factor income shares are constant. This result holds for a wide range of functional forms for investment adjustment costs and the innovation possibilities frontier. Therefore, by introducing investment adjustment costs, the restrictions imposed by Uzawa’s (1961) steady-state growth theorem can be overcome, demonstrating that stable factor income shares do not require technological progress to be purely labor-augmenting nor the production function to be of the Cobb–Douglas form. Moreover, in contrast to Acemoglu (2003), our model demonstrates that government tax or subsidy policies have persistent effects on factor income distribution, influencing not only transitional dynamics but also the steady-state outcome.