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A unified theory of structural change

María Guilló, Chris Papageorgiou () and Fidel Perez-Sebastian
Authors registered in the RePEc Author Service: Fidel Perez Sebastian

Journal of Economic Dynamics and Control, 2011, vol. 35, issue 9, 1393-1404

Abstract: This paper uses dynamic general equilibrium and computational methods, inspired by the multi-sector growth model structure in Stephen Turnovsky's work, to develop a theory that unifies two of the traditional explanations of structural change: sector-biased technical change and non-homothetic preferences. The theory is based on an overlapping-generations growth model with endogenous technical change and non-homothetic preferences. An expanding-variety setup with two different R&D technologies, agricultural, and non-agricultural, is employed. The analysis, based on numerical simulations, shows that the biased technical change hypothesis finds most support in the data. It also points to production-side specific factors, such as asymmetries in cross-sector knowledge spillovers, as explanatory factors of the bias in technical change.

Keywords: Multi-sector; growth; model; Structural; change; Agriculture; and; non-agriculture; R&D; Directed; innovation; Hon-homothetic; preferences (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (15)

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