| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15351 |
| DP15351 The Stable Transformation Path | |
| Francisco Buera; Joseph Kaboski; Marti Mestieri; Daniel O'Connor | |
| 发表日期 | 2022-01-09 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | Standard dynamic models of structural transformation, without knife-edge and counterfactual parameter values, preclude balanced growth path (BGP) analysis. This paper develops a dynamic equilibrium concept for a more general class of models --- an alternative to a BGP, which we coin a Stable Transformation Path (STraP). The STraP characterizes the medium-term dynamics of the economy in a turnpike sense; it is the path toward which the economy (quickly) converges from an arbitrary initial capital stock. Calibrated simulations demonstrate that the relaxed parameter values that the STraP allows have important quantitative implications for structural transformation, investment, and growth. Indeed, analyzing the dynamics along the STraP, we show that the modern dynamic model of structural transformation makes progress over the Neoclassical growth model in matching key growth and capital accumulation patterns in cross-country data, including slow convergence. |
| 主题 | Development Economics ; Macroeconomics and Growth |
| 关键词 | Growth Investment dynamics Non-balanced growth |
| URL | https://cepr.org/publications/dp15351-0 |
| 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/545796 |
| 推荐引用方式 GB/T 7714 | Francisco Buera,Joseph Kaboski,Marti Mestieri,et al. DP15351 The Stable Transformation Path. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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