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Beyond Balanced Growth

Sergio Rebelo (), Piyabha Kongsamut and Danyang Xie

No 01/85, IMF Working Papers from International Monetary Fund

Abstract: Balanced growth models are commonly used in macroeconomics because they are consistent with the well-known Kaldor facts regarding economic growth. These models, however, are inconsistent with one of the most striking regularities of the growth process—the massive reallocation of labor from agriculture into manufacturing and services. This paper presents a simple model consistent with both the Kaldor facts and the dynamics of sectoral labor reallocation. The model shows that balanced growth can be consistent with structural change.

Date: 2001-06-01
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Related works:
Journal Article: Beyond Balanced Growth (2001) Downloads
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