Structural change in an open economy

被引：180

作者：

Uy, Timothy ^{[1
]}

Yi, Kei-Mu ^{[2
]}

Zhang, Jing ^{[3
]}

机构：

[1] Univ Minnesota, Minneapolis, MN 55455 USA

[2] Fed Reserve Bank Minneapolis, Minneapolis, MN USA

[3] Univ Michigan, Fed Reserve Bank Chicago, Ann Arbor, MI 48109 USA

来源：

JOURNAL OF MONETARY ECONOMICS | 2013年 / 60卷 / 06期

关键词：

Structural transformation; International trade; Sectoral labor reallocation; PRODUCTIVITY; TRANSFORMATION;

D O I：

10.1016/j.jmoneco.2013.06.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the importance of international trade in structural change. Our framework has both productivity and trade cost shocks, and allows for non-unitary income and substitution elasticities. We calibrate our model to investigate South Korea's structural change between 1971 and 2005. We find that the shock processes, propagated through the model's two main transmission mechanisms, non-homothetic preferences and the open economy, explain virtually all of the evolution of agriculture and services labor shares, and the rising part of the hump-shape in manufacturing. Counterfactual exercises show that the role of the open economy is quantitatively important for explaining South Korea's structural change. (C) 2013 Elsevier B.V. All rights reserved.

引用

页码：667 / 682

页数：16

共 41 条

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