| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15416 |
| 来源ID | Working Paper 15416 |
| Two Perspectives on Preferences and Structural Transformation | |
| Berthold Herrendorf; Richard Rogerson; Ákos Valentinyi | |
| 发表日期 | 2009-10-13 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | We ask what specification of preferences can account for the changes in the expenditure shares of broad sectors that are associated with the process of structural transformation in the U.S. since 1947. Following the tradition of the expenditure systems literature, we first calibrate utility function parameters using NIPA data on final consumption expenditure. We find that a Stone-Geary specification fits the data well. While useful, this exercise does not tell the researcher what utility function to use in a model that posits sectoral production functions in value added form. We therefore develop a method to calculate the value added components of consumption categories that are consistent with value added production functions, and use these data to calibrate a utility function over sectoral consumption value added. We find that a Leontief specification fits the data well. Interestingly, the two specifications display very different properties: for final consumption expenditure income effects are the dominant force behind changes in expenditure shares whereas for consumption value added relative price effects are dominant. |
| 主题 | Macroeconomics ; Consumption and Investment ; Development and Growth ; Development |
| URL | https://www.nber.org/papers/w15416 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573092 |
| 推荐引用方式 GB/T 7714 | Berthold Herrendorf,Richard Rogerson,Ákos Valentinyi. Two Perspectives on Preferences and Structural Transformation. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15416.pdf（300KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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。
