Testing the Growth Effects of Structural Change
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Date
2010-09
Publication Type
Working Paper
ETH Bibliography
yes
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Abstract
Against the backdrop of Baumol’s model of ‘unbalanced growth’, a recent strand of literature has presented models that manage to reconcile structural change with Kaldor’s ‘stylized fact’ of the relative constancy of per-capita GDP growth. Another strand of literature goes beyond this, arguing that the expenditure shifts toward Baumol’s ‘stagnant’ sector stimulate rather than dampen long-term economic growth because of the human capital-accumulating nature of major ‘stagnant’ services (like health care and education). This paper tests the relationship between structural change and economic growth empirically by means of a Granger-causality analysis of a panel of 18 OECD countries.
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published
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Journal / series
KOF Working Papers
Volume
264
Pages / Article No.
Publisher
KOF Swiss Economic Institute, ETH Zurich
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Subject
Human capital; ECONOMIC GROWTH; WIRTSCHAFTSWACHSTUM; WIRTSCHAFTSSTRUKTURÄNDERUNGEN (WIRTSCHAFTSWISSENSCHAFTEN); Panel Grangercausality tests; Economic growth; Structural change; ECONOMIC STRUCTURAL CHANGES (ECONOMICS)
Organisational unit
02525 - KOF Konjunkturforschungsstelle / KOF Swiss Economic Institute