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Book
Year: 1994 Publisher: San Domenico (FI) : European university institute,
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Inflation --- Croissance economique --- Econometrie --- Analyse multivariee
Book
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Book
Year: 2002 Publisher: London Centre For Economic Policy Research, International Macroeconomics, Discussion Paper Nr. 3435
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Book
Year: 2007 Publisher: London Centre For Economic Policy Research, International Macroeconomics. Discussion Paper Nr.6271. May 2007
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Year: 2002 Publisher: London Centre For Economic Policy Research, International Macroeconomics, Discussion Paper Nr. 3581
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Digital
Year: 2009 Publisher: Cambridge, Mass National Bureau of Economic Research
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We ask what specification of preferences can account for the changes in the expenditure shares of broad sectors that are associated with the process of structural transformation in the U.S. since 1947. Following the tradition of the expenditure systems literature, we first calibrate utility function parameters using NIPA data on final consumption expenditure. We find that a Stone-Geary specification fits the data well. While useful, this exercise does not tell the researcher what utility function to use in a model that posits sectoral production functions in value added form. We therefore develop a method to calculate the value added components of consumption categories that are consistent with value added production functions, and use these data to calibrate a utility function over sectoral consumption value added. We find that a Leontief specification fits the data well. Interestingly, the two specifications display very different properties: for final consumption expenditure income effects are the dominant force behind changes in expenditure shares whereas for consumption value added relative price effects are dominant.
Digital
Year: 2018 Publisher: Cambridge, Mass. National Bureau of Economic Research
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Existing models of structural change typically assume that all of investment is produced in manufacturing. This assumption is strongly counterfactual: in the postwar US, the share of services value added in investment expenditure has been steadily growing and it now exceeds 0.5. We build a new model, which takes a unified approach to structural change in investment and consumption. Our unified approach leads to three new insights: technological change is endogenously investment specific; having constant TFP growth in all sectors is inconsistent with structural change and aggregate balanced growth occurring jointly; the sector with the slowest TFP growth absorbs all resources asymptotically. We also provide empirical support from the postwar US for the first and third insight.
Book
Year: 2013 Publisher: London Centre For Economic Policy Research,.
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Book
Year: 2013 Publisher: London Centre For Economic Policy Research
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Book
Year: 2009 Publisher: London Centre For Economic Policy Research
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