Endogenous sector-biased technical change and perpetual and transient structural change
Pengfei Zhang ()
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Pengfei Zhang: Peking University
Journal of Economics, 2018, vol. 123, issue 3, 195-223
Abstract This paper provides a new definition of structural change and then categorizes such changes into two types. Transient structural change is related to the short-term adjustment of sectoral labor employment, while perpetual structural change concerns the long-run trends of labor reallocation among sectors. If we focus on supply-side reasons, we find that the one and only fundamental driving force of perpetual structural change is sector-biased technical change. We also investigate the structural parameters of the model that determine the direction of sector-biased technical change.
Keywords: Aggregate balanced growth; Biased technology; Non-balanced sectoral growth; R&D resources; Structural change (search for similar items in EconPapers)
JEL-codes: O30 O33 O40 O41 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:kap:jeczfn:v:123:y:2018:i:3:d:10.1007_s00712-017-0555-3
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