Numerical Explorations of the Ngai-Pissarides Model of Growth and Structural Change
AbstractIn this paper we specialize the Ngai-Pissarides model of growth and structural change [American Economic Review 97 (2007), 429-443] to the case of three sectors, representing the primary (agriculture, mining), secondary (construction, manufacturing) and tertiary (services) sectors. On that basis we explore the dynamic properties of the model along the transition path to the steady-state equilibrium by numerical methods. Our explorations show that the model misses several stylized facts of structural change among these sectors. We propose several extensions of the model to align the model more closely with the facts.
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Bibliographic InfoPaper provided by Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute of Economics (VWL) in its series Darmstadt Discussion Papers in Economics with number 46865.
Date of creation: Oct 2010
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Publication status: Published in Darmstadt Discussion Papers in Economics . 199 (2010-10)
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economic growth; structural change; transition path;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-11-27 (All new papers)
- NEP-CMP-2010-11-27 (Computational Economics)
- NEP-DGE-2010-11-27 (Dynamic General Equilibrium)
- NEP-FDG-2010-11-27 (Financial Development & Growth)
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