G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w21595
来源IDWorking Paper 21595
Structural Change with Long-run Income and Price Effects
Diego A. Comin; Danial Lashkari; Martí Mestieri
发表日期2015-09-28
出版年2015
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 the bulk of the within-country evolution of sectoral reallocation.
主题Macroeconomics ; Consumption and Investment ; Development and Growth ; Development ; Growth and Productivity ; Country Studies
URLhttps://www.nber.org/papers/w21595
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/579270
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GB/T 7714
Diego A. Comin,Danial Lashkari,Martí Mestieri. Structural Change with Long-run Income and Price Effects. 2015.
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