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Beyond Balanced Growth

  • Sergio Rebelo
  • Piyabha Kongsamut
  • 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 labor from agriculture into manufacturing and services. This paper presents a simple model consistent with both the Kaldor facts and the dynamics of sectoral labor reallocation. The model shows that balanced growth can be consistent with structural change.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 01/85.

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Length: 21
Date of creation: 01 Jun 2001
Date of revision:
Handle: RePEc:imf:imfwpa:01/85
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  1. 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.
  2. Paul Romer & George Evans & Seppo Hokapohja, . "Growth Cycles," Home Pages _001, Stanford University.
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