Title of article :
Structuralchange,Engel’sconsumptioncyclesandKaldor’sfactsof
economic growth
Author/Authors :
RetoFoellmi، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2008
Abstract :
Non-linear Engel-curvesforconsumergoodscausecontinuousstructuralchange.Goods
are sequentiallyintroducedstartingoutasaluxurywithhighincomeelasticityand
endingupasanecessitywithlowincomeelasticity.Althoughthisleadstorising
and fallingsectoralemploymentshares,themodelexhibitsasteadygrowthpath
alongwhichtheKaldorfactsaresatisfied.Extendingthebasicmodeltothecaseof
endogenous productinnovationsshowsthatcomplementaritiesbetweenaggregateand
sectoral growthmaygiverisetomultipleequilibria.
Keywords :
Kaldor factsEngel-curveStructuralchangeStructuraltransformationHierarchicpreferencesDemand externalitiesMultiple equilibria
Journal title :
Journal of Monetary Economics
Journal title :
Journal of Monetary Economics
