000			01267nam a22001577a 4500
999			_c517085 _d517085
008			210630b ||||| |||| 00| 0 eng d
100			_aLedesma, Miguel Leon and Moro, Alessio _926080
245			_aThe Rise of Services and Balanced Growth in Theory and Data
260			_aAmerican Economic Journal: Macroeconomics
300			_a12(4), Oct, 2020: p.109-146
520			_aWe 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			_aInvestment; Capital; Intangible capital; Capacity, Interest rates: Determination, Term structure _926081
773			_aAmerican Economic Journal: Macroeconomics
906			_aINVESTMENT
942			_cAR