| Título: | A unified theory of structural change |
| Autores: |
Guilló Fuentes, María Dolores Papageorgiou, Chris Pérez Sebastián, Fidel |
| Fecha: |
2012-07-30 2012-07-30 2010 |
| Publicador: | RUA Docencia |
| Fuente: |
 |
| Tipo: | info:eu-repo/semantics/workingPaper |
| Tema: |
Multi-sector growth model Structural change Agriculture and non-agriculture R&D Directed innovation Hon-homothetic preferences Fundamentos del Análisis Económico |
| Descripción: |
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. Financial support from Ministerio de Ciencia e Innovación and FEDER funds under project SEJ-2007-62656, and from Instituto Valenciano de Investigaciones Económicas. |
| Idioma: | Inglés |
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