A Theory of Structural Change That Can Fit the Data†

• 成果类型: Article
• 署名作者: Alder, Simon; Boppart, Timo; Mueller, Andreas
• 署名单位: Swiss National Bank (SNB); University of North Carolina; University of North Carolina Chapel Hill; Stockholm University; University of St Gallen; Centre for Economic Policy Research - UK; University of Essex
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20190303
• 发表日期: 2022
• 页码: 160-206
• 关键词: demand; GROWTH; income; aggregation; preferences; facts; MODEL

摘要

We study structural change in the historical consumption expenditure of the United States , the United Kingdom , Canada , and Australia over more than a century. We characterize the most general class of preferences in a time-additive setting that admits aggregation of the saving decision and allows us to identify preference parameters from aggregate data. We parameterize and estimate such intertemporally aggregable (IA) preferences and discuss their properties in a dynamic general equilibrium framework with sustained growth. Our preference class is considerably more flexible than the Gorman form or PIGL , giving rise to a good fit of the non-monotonic pattern of structural change.