The Rise of Services and Balanced Growth in Theory and Data
成果类型：
Article
署名作者：
Leon-Ledesma, Miguel; Moro, Alessio
署名单位：
University of Kent; Center for Economic & Policy Research (CEPR); University of Cagliari
刊物名称：
AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
ISSN/ISSBN：
1945-7707
DOI：
10.1257/mac.20180373
发表日期：
2020
页码：
109-146
关键词：
摘要：
We investigate the effect of structural transformation on the process of economic growth. Using a two-sector growth model we show that, in addition to Baumol's cost disease, structural transformation from goods to services generates other predictions that are in line with cross-country growth facts: an increase in the real investment rate, a decline in the real interest rate and the marginal product of capital, and an acceleration of investment-specific technological change as the share of services increases. The model calibrated to US data can account for the elasticity of real investment rates to the share of services measured in cross-country data.
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