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Beyond Balanced Growth

Author

Listed:
  • Mr. Sergio Rebelo
  • Ms. Piyabha Kongsamut
  • Danyang Xie

Abstract

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.

Suggested Citation

  • Mr. Sergio Rebelo & Ms. Piyabha Kongsamut & Danyang Xie, 2001. "Beyond Balanced Growth," IMF Working Papers 2001/085, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2001/085
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    More about this item

    Keywords

    WP; growth; structural change; Kaldor facts; GBG path; Kaldor fact; output share; employment share; GBG constraint; production structure; Sustainable growth; Real interest rates; Agricultural sector; Manufacturing;
    All these keywords.

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