| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14964 |
| DP14964 Business Cycle during Structural Change: Arthur Lewis’ Theory from a Neoclassical Perspective | |
| Kjetil Storesletten; Bo Zhao; Fabrizio Zilibotti | |
| 发表日期 | 2020-06-29 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We document that business cycles change during the process of development. In countries with large declining agricultural sectors, aggregate employment is uncorrelated with GDP. During booms, agricultural employment declines even though agricultural labor productivity increases relative to other sectors. We construct a unified theory of business cycles and structural change consistent with the stylized facts. The theory focuses on the simultaneous decline and modernization of agriculture. As capital accumulates, agriculture becomes increasingly capital intensive as traditional agriculture is crowded out. We estimate the model and show that it accounts well for both structural transformation and business cycle fluctuations in China. |
| 主题 | Macroeconomics and Growth |
| URL | https://cepr.org/publications/dp14964 |
| 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/543907 |
| 推荐引用方式 GB/T 7714 | Kjetil Storesletten,Bo Zhao,Fabrizio Zilibotti. DP14964 Business Cycle during Structural Change: Arthur Lewis’ Theory from a Neoclassical Perspective. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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