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Heterogeneous Consumption Goods, Sectoral Change, and Economic Growth

Listed author(s):
  • Steger Thomas M.

    ()

    (ETH Zurich)

This paper sets up a simple AK-type growth model with heterogeneous consumption goods. It is shown that the (overall) intertemporal elasticity of substitution, the saving rate, and the growth rate of income unambiguously increase in the course of economic development. Moreover, the model offers an intuitive explanation of sectoral change. It is demonstrated that there are a number of implications which are in line with the empirical evidence on economic growth and sectoral change.

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File URL: https://www.degruyter.com/view/j/snde.2006.10.1/snde.2006.10.1.1309/snde.2006.10.1.1309.xml?format=INT
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Article provided by De Gruyter in its journal Studies in Nonlinear Dynamics & Econometrics.

Volume (Year): 10 (2006)
Issue (Month): 1 (March)
Pages: 1-18

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Handle: RePEc:bpj:sndecm:v:10:y:2006:i:1:n:2
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References listed on IDEAS
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  1. Reto Foellmi & Josef Zweilmueller, 2006. "Structural Change and the Kaldor Facts of Economic Growth," 2006 Meeting Papers 342, Society for Economic Dynamics.
  2. Masao Ogaki & Jonathan David Ostry & Carmen Reinhart, 1995. "Saving Behavior in Low and Middle-Income Developing Countries; A Comparison," IMF Working Papers 95/3, International Monetary Fund.
  3. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  4. Reinhart, Carmen & Ogaki, Masao & Ostry, Jonathan, 1995. "Saving behavior in low- and middle-income developing countries," MPRA Paper 13757, University Library of Munich, Germany.
  5. Zind, Richard G., 1991. "Income convergence and divergence within and between LDC groups," World Development, Elsevier, vol. 19(6), pages 719-727, June.
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