Beyond Balanced GrowthPiyabha Kongsamut, Sergio Rebelo, Danyang Xie
NBER Working Paper No. 6159 One of the most striking regularities of the growth process is the massive reallocation of labor from agriculture into industry and services. Balanced growth models are commonly used in macroeconomics because they are consistent with the well-known Kaldor facts about economic growth. These models are, however, inconsistent with the structural change dynamics that are a central feature of economic development. This paper discusses models with generalized balanced growth paths. These paths retain some of the key features of balanced growth but are consistent with the observed labor reallocations dynamics.
Machine-readable bibliographic record - MARC, RIS, BibTeX Document Object Identifier (DOI): 10.3386/w6159 Published: Kongsamut, Piyabha, Sergio Rebelo and Danyang Xie. "Beyond Balanced Growth," Review of Economic Studies, 2001, v68(237,Oct), 869-882. citation courtesy of Users who downloaded this paper also downloaded* these:
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