| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12458 |
| DP12458 Structural Change with Long-run Income and Price Effects | |
| diego comin; Danial Lashkari; Marti Mestieri | |
| 发表日期 | 2017-11-23 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We present a new multi-sector growth model that features nonhomothetic, constant-elasticity-of-substitution preferences, and accommodates long-run demand and supply drivers of structural change for an arbitrary number of sectors. The model is consistent with the decline in agriculture, the hump-shaped evolution of manufacturing, and the rise of services over time. We estimate the demand system derived from the model using household-level data from the U.S. and India, as well as historical aggregate-level panel data for 39 countries during the postwar period. The estimated model parsimoniously accounts for the broad patterns of sectoral reallocation observed among rich, miracle and developing economies. Our estimates support the presence of strong nonhomotheticity across time, income levels, and countries. We find that income effects account for over 75% of the observed patterns of structural change. |
| 主题 | Macroeconomics and Growth |
| 关键词 | Nonhomothetic ces preferences Implicitly additively separable preferences Structural transformation |
| URL | https://cepr.org/publications/dp12458 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541269 |
| 推荐引用方式 GB/T 7714 | diego comin,Danial Lashkari,Marti Mestieri. DP12458 Structural Change with Long-run Income and Price Effects. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
