Endowment structures, industrial dynamics, and economic growth

• 成果类型: Article
• 署名作者: Ju, Jiandong; Lin, Justin Yifu; Wang, Yong
• 署名单位: Tsinghua University; Shanghai University of Finance & Economics; Peking University; Hong Kong University of Science & Technology
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2015.09.006
• 发表日期: 2015
• 页码: 244-263
• 关键词: Structural change; industrial dynamics; Economic growth; capital accumulation

摘要

Motivated by four stylized facts about industry dynamics, we propose a theory of endowment-driven structural change by developing a tractable growth model with infinite industries. The aggregate economy in the model still follows the Kaldor facts, but the composition of the underlying industries changes endogenously over time. Each industry exhibits a hump-shaped life cycle: as capital reaches a certain threshold level, a new industry appears, prospers, and then declines, to be gradually replaced by a more capital-intensive industry, ad infinitum. Analytical solutions are obtained to characterize the life cycle of each industry and the perpetual structural change. (C) 2015 Elsevier B.V. All rights reserved.