Two Perspectives on Preferences and Structural Transformation

American Economic Review - Tập 103 Số 7 - Trang 2752-2789 - 2013
Berthold Herrendorf1, Richard Rogerson2, Ákos Valentinyi3
1Department of Economics, W.P. Carey School of Business, Arizona State University, 350 East Lemon Street, Tempe, AZ 85287.
2Woodrow Wilson School, Princeton University, Princeton, NJ 08544, and NBER.
3Cardiff Business School, Cardiff University, Aberconway Building, Colum Drive, Cardiff, Wales, UK, and Institute of Economics HAS and CEPR.

Tóm tắt

We assess the empirical importance of changes in income and relative prices for structural transformation in the postwar United States. We explain two natural approaches to the data: sectors may be categories of final expenditure or value added; e.g., the service sector may be the final expenditure on services or the value added from service industries. We estimate preferences for each approach and find that with final expenditure income effects are the dominant force behind structural transformation, whereas with value-added categories price effects are more important. We show how the input-output structure of the United States can reconcile these findings. (JEL E21, L16)

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Thông tin
Thông tin xuất bản

American Economic Review

Tập 103 Số 7

2752-2789

Thông tin tác giả