Structural change and the Kaldor facts in a growth model with relative price effects and non-Gorman preferences

Timo Boppart

No 217, 2013 Meeting Papers from Society for Economic Dynamics

Abstract: Growth is associated with (i) shifts in the sectoral structure of the economy, (ii) changes in relative prices and (iii) the Kaldor facts. Moreover, (iv) cross-sectional data shows systematic differences in the expenditure structure across income groups. This paper presents a growth model which is consistent with (i)-(iv) at the same time, a result the existing literature has not been able to generate. The theory is simple and parsimonious and contains an analytical solution. The model's functional form and cross-sectional data are exploited to estimate the relative importance of price and income effects as determinants of the structural change.

Date: 2013
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