Structural Change with Long-run Income and Price Effects

Released on by Diego A. Comin
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  • Structural Change with Long-run Income and Price Effects Book Detail

  • Author : Diego A. Comin
  • Release Date : 2015
  • Publisher :
  • Genre : Economic development
  • Pages : 47
  • ISBN 13 :
  • File Size : 29,29 MB
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Structural Change with Long-run Income and Price Effects by Diego A. Comin PDF Summary

Book Description: We present a new multi-sector growth model that accommodates long-run demand and supply drivers of structural change. The model generates nonhomothetic Engel curves at all levels of development and is consistent with the decline in agriculture, the hump-shaped evolution of manufacturing and the rise of services over time. The economy converges to a constant aggregate growth rate that depends on sectoral income elasticities, capital intensities and rates of technological progress. We estimate the demand system derived from the model using historical data on sectoral employment shares from twenty-five countries and household survey data from the US. Our estimated model parsimoniously accounts for the broad patterns of sectoral reallocation observed among rich, miracle and developing economies in the post-war period. We find that income effects play a major role in generating structural change.

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Growth and Structural Transformation

Growth and Structural Transformation

File Size : 25,25 MB
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This study provides a comprehensive overview of Korea’s macroeconomic growth and structural change since World War II, and traces some of the roots of develop