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
References: Add references at CitEc
Citations: View citations in EconPapers (15)
Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0165188911000844
Full text for ScienceDirect subscribers only
Related works:
Working Paper: A unified theory of structural change (2010) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:eee:dyncon:v:35:y:2011:i:9:p:1393-1404
Access Statistics for this article
Journal of Economic Dynamics and Control is currently edited by J. Bullard, C. Chiarella, H. Dawid, C. H. Hommes, P. Klein and C. Otrok
More articles in Journal of Economic Dynamics and Control from Elsevier
Bibliographic data for series maintained by Catherine Liu ().