G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15351
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
URLhttps://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.
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