A unified theory of structural change
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Title: | A unified theory of structural change |
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Authors: | Guillo, Maria Dolores | Papageorgiou, Chris | Pérez Sebastián, Fidel |
Research Group/s: | Grupo de Estudios de Paz y Desarrollo (GEPYD) | Análisis Económico |
Center, Department or Service: | Universidad de Alicante. Departamento de Métodos Cuantitativos y Teoría Económica | Universidad de Alicante. Departamento de Fundamentos del Análisis Económico |
Keywords: | Multi-sector growth model | Structural change | Agriculture and non-agriculture | R&D | Directed innovation | Hon-homothetic preferences |
Knowledge Area: | Fundamentos del Análisis Económico |
Issue Date: | 2010 |
Publisher: | Instituto Valenciano de Investigaciones Económicas |
Citation: | GUILLÓ, M. Dolores; PAPAGEORGIOU, Chris; PÉREZ-SEBASTIÁN, Fidel. “A unified theory of structural change”. Working Papers (Instituto Valenciano de Investigaciones Económicas). WP-AD 2010-34 |
Abstract: | This paper uses dynamic general equilibrium and computational methods, inspired by the multi-sector growth model structure in Stephen Turnovsky’s previous and more recent work, to develop a theory that unifies two of the traditional explanations of structural change: sector-biased technical change and non-homothetic preferences. More specifically, we build a multisector overlapping generations growth model with endogenous technical-change and non-homothetic preferences based on an expanding-variety setup with two different R&D technologies; one for agriculture, and another for nonagriculture. Results give additional support to the biased technical-change hypothesis as an important determinant of the structural transformation. The paper also explores where this bias might come from. Our findings suggest that production-side specific factors, such as asymmetries in cross-sector knowledge spillovers could be behind it, and therefore be important to fully explain the process of structural change. |
Sponsor: | Financial support from Ministerio de Ciencia e Innovación and FEDER funds under project SEJ-2007-62656, and from Instituto Valenciano de Investigaciones Económicas. |
URI: | http://hdl.handle.net/10045/23699 |
Language: | eng |
Type: | info:eu-repo/semantics/workingPaper |
Peer Review: | si |
Publisher version: | http://www.ivie.es/pub/wp/wp.php |
Appears in Collections: | INV - GEPYD - Working Papers INV - Análisis Económico - Working Papers INV - DMCTE - Working Papers |
Files in This Item:
File | Description | Size | Format | |
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2010_Guillo_etal_WPIVIE.pdf | 310,81 kB | Adobe PDF | Open Preview | |
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