Data and Code for: The Rise of Services and Balanced Growth in Theory and Data
Principal Investigator(s): View help for Principal Investigator(s) Miguel Leon-Ledesma, University of Kent; Alessio Moro, University of Cagliari
Version: View help for Version V1
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| Matlab-codes | 09/17/2019 12:28:PM | ||
| Stata-codes-and-data | 08/27/2019 11:12:AM | ||
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application/vnd.openxmlformats-officedocument.wordprocessingml.document | 13 KB | 08/27/2019 07:12:AM |
Project Description
Summary:
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We investigate the effect of structural transformation on the process of economic growth. Using a two-sector growth model we show that, in addition to Baumol’s cost disease, structural transformation from goods to services generates other predictions that are in line with cross-country growth facts: an increase in the real investment rate, a decline in the real interest rate and the marginal product of capital and an acceleration of investment-specific technological change as the share of services increases. The model calibrated to U.S. data can account for the elasticity of real investment rates to the share of services measured in cross-country data.
Scope of Project
Subject Terms:
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macroeconomics;
economic growth;
economic sectors
JEL Classification:
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E22 Investment • Capital • Intangible Capital • Capacity
E24 Employment • Unemployment • Wages • Intergenerational Income Distribution • Aggregate Human Capital • Aggregate Labor Productivity
E31 Price Level • Inflation • Deflation
O41 One, Two, and Multisector Growth Models
O41
E22 Investment • Capital • Intangible Capital • Capacity
E24 Employment • Unemployment • Wages • Intergenerational Income Distribution • Aggregate Human Capital • Aggregate Labor Productivity
E31 Price Level • Inflation • Deflation
O41 One, Two, and Multisector Growth Models
O41
Data Type(s):
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aggregate data
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