Price of investment goods and structural change: analysis of the Korean economy

Lhakpa Sherpa ()
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Lhakpa Sherpa: The University of the South

Economics Bulletin, 2023, vol. 43, issue 2, 978 - 991

Abstract: Using the Korean economy to calibrate a two-sector growth model, I study the quantitative effects of price of investment goods on the process of structural change. The model is able to match several features of the economy and has implications for sectoral value-added and employment shares. In particular, I find that the decline in the price of investment goods decreases the value-added and employment shares in the agricultural sector.

Keywords: Structural change; economic growth; economic reforms (search for similar items in EconPapers)
JEL-codes: O1 O4 (search for similar items in EconPapers)
Date: 2023-06-30
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