The Rise of Services and Balanced Growth in Theory and Data
Miguel Leon-Ledesma () and
No 424, 2018 Meeting Papers from Society for Economic Dynamics
We investigate the effect of structural transformation on economic growth in the U.S. and in cross-country data. Measuring the outcome of a two-sector growth model by using NIPA conventions, structural transformation in the U.S. induces a decline of 36% in the aggregate marginal product of capital, of 5.4% in the real interest rate, and of 16% in the growth rate of per-capita GDP between 1950 and 2015. By retaining the U.S. calibration, the process of structural transformation can also account, per-se, for cross-country differences in real investment/GDP ratios, which are comparable to those displayed by the U.S. along its growth path.
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Working Paper: The Rise of Services and Balanced Growth in Theory and Data (2017)
Working Paper: The rise of services and balanced growth in theory and data (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed018:424
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