Two Perspectives on Preferences and Structural Transformation

• 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; Cardiff University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.103.7.2752
• 发表日期: 2013
• 页码: 2752-2789
• 关键词: demand; TRENDS

摘要

We assess the empirical importance of changes in income and relative prices for structural transformation in the postwar United States. We explain two natural approaches to the data: sectors may be categories of final expenditure or value added; e. g., the service sector may be the final expenditure on services or the value added from service industries. We estimate preferences for each approach and find that with final expenditure income effects are the dominant force behind structural transformation, whereas with value-added categories price effects are more important. We show how the input-output structure of the United States can reconcile these findings.