| 000 -LEADER |
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| fixed length control field |
01267nam a22001577a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
210630b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
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| Personal name |
Ledesma, Miguel Leon and Moro, Alessio |
| 245 ## - TITLE STATEMENT |
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| Title |
The Rise of Services and Balanced Growth in Theory and Data |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
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| Place of publication, distribution, etc |
American Economic Journal: Macroeconomics |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
12(4), Oct, 2020: p.109-146 |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc |
We investigate the effect of structural transformation on the process of economic growth. Using a two-sector growth model we show that, in addition to Baumol's cost disease, structural transformation from goods to services generates other predictions that are in line with cross-country growth facts: an increase in the real investment rate, a decline in the real interest rate and the marginal product of capital, and an acceleration of investment-specific technological change as the share of services increases. The model calibrated to US data can account for the elasticity of real investment rates to the share of services measured in cross-country data.- Reproduced |
| 650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM |
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| Topical term or geographic name as entry element |
Investment; Capital; Intangible capital; Capacity, Interest rates: Determination, Term structure |
| 9 (RLIN) |
26081 |
| 773 ## - HOST ITEM ENTRY |
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| Main entry heading |
American Economic Journal: Macroeconomics |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
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| Subject DIP |
INVESTMENT |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Item type |
Articles |
