CAN TRADITIONAL THEORIES OF STRUCTURAL CHANGE FIT THE DATA?
成果类型：
Article
署名作者：
Buera, Francisco J.; Kaboski, Joseph P.
署名单位：
University of California System; University of California Los Angeles; University System of Ohio; Ohio State University; Federal Reserve System - USA; Federal Reserve Bank - Chicago
刊物名称：
JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
ISSN/ISSBN：
1542-4766
DOI：
10.1162/JEEA.2009.7.2-3.469
发表日期：
2009
页码：
469-477
关键词：
摘要：
Two traditional explanations for structural changes are sector-biased technological progress and non-homothetic preferences. This paper integrates both into an otherwise standard growth model and quantitatively evaluates them vis-a-vis time series. The exercise identifies a set of puzzles for standard theories: (i) the model cannot account for the steep decline in manufacturing and rise in services in the later data; (ii) the standard model requires implausibly low elasticity of substitution across goods to match the consumption and output data; and (iii) the behavior of consumption and output shares differs significantly from that of employment shares. We argue that models that incorporate home production, sector-specific factor distortions, and differences across sectors in the accumulation of human capital are promising avenues to amend the standard models. (JEL: O11, O14, O41)
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