Structural Change in Investment and Consumption-A Unified Analysis

• 成果类型: Article
• 署名作者: Herrendorf, Berthold; Rogerson, Richard; Valentinyi, Akos
• 署名单位: Arizona State University; Arizona State University-Tempe; Princeton University; National Bureau of Economic Research; University of Manchester; Centre for Economic Policy Research - UK
• 刊物名称: REVIEW OF ECONOMIC STUDIES
• ISSN/ISSBN: 0034-6527
• DOI: 10.1093/restud/rdaa013
• 发表日期: 2021
• 页码: 1311-1346
• 关键词: growth; TECHNOLOGY; MODEL

摘要

The structural-change literature typically assumes that investment is produced in manufacturing. We establish that this assumption is counterfactual: in the postwar U.S., the share of services value added in investment expenditure has been steadily growing. We develop a new model that features structural change in investment and consumption, characterize its equilibrium properties, and provide empirical support for it. We establish that modelling structural change in investment leads to three novel insights: constant TFP growth in all sectors is inconsistent with the existence of aggregate balanced growth with structural change; the sector with the slowest TFP growth absorbs all resources asymptotically; technical change is endogenously investment-biased.