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Beyond Balanced Growth

Listed author(s):
  • Piyabha Kongsamut
  • Sergio Rebelo
  • Danyang Xie

Balanced growth models are commonly used in macroeconomics because they are consistent with the well-known Kaldor facts regarding economic growth. These models, however, are inconsistent with one of the most striking regularities of the growth process—the massive reallocation of labour from agriculture into manufacturing and services. This paper presents a simple model consistent with both the Kaldor facts and the dynamics of sectoral labour reallocation.

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File URL: http://hdl.handle.net/10.1111/1467-937X.00193
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Article provided by Oxford University Press in its journal The Review of Economic Studies.

Volume (Year): 68 (2001)
Issue (Month): 4 ()
Pages: 869-882

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Handle: RePEc:oup:restud:v:68:y:2001:i:4:p:869-882.
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  1. Evans, Geroge W & Honkapohja, Seppo & Romer, Paul, 1998. "Growth Cycles," American Economic Review, American Economic Association, vol. 88(3), pages 495-515, June.
  2. Easterly, William & Rebelo, Sergio, 1993. "Fiscal policy and economic growth: An empirical investigation," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 417-458, December.
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