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  Accounting for structural transformation in the U.S.

Marcolino, M. A. (2022): Accounting for structural transformation in the U.S. - Journal of Macroeconomics, 71, 103394.
https://doi.org/10.1016/j.jmacro.2021.103394

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 Creators:
Marcolino, Marcos Araujo1, Author              
Affiliations:
1Potsdam Institute for Climate Impact Research, Potsdam, ou_persistent13              

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 Abstract: I account for the sources of labor reallocation from the manufacturing sector towards services in the United States for the 1950 to 2010 period. I use a multi-sector model with sector-specific productivity growth and non-homothetic preferences to decompose the sources of labor reallocation into supply-side, demand-side, and wedge distortions. The decomposition is performed in the context of a competitive economy where the competitive equilibrium with wedges reproduces prices and quantities of the economy exactly. During the 1950–2010 period, the demand-side mechanism accounts for 57% of the reallocation of labor and the supply-side for 28%. Focusing only in the sub-period from 1950 to 1980, 70% of the reallocation is demand-driven. In the sub-period between 1980 and 2010, the three sources of labor reallocation are quantitatively important. Demand-side accounts for 47%, supply-side for 42% and wedge distortions for 10%.

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Language(s): eng - English
 Dates: 2021-01-302021-12-282022-01-132022-03
 Publication Status: Finally published
 Pages: -
 Publishing info: -
 Table of Contents: -
 Rev. Type: Peer
 Identifiers: DOI: 10.1016/j.jmacro.2021.103394
PIKDOMAIN: RD3 - Transformation Pathways
Organisational keyword: RD3 - Transformation Pathways
Working Group: Macroeconomic modeling of climate change mitigation and impacts
Research topic keyword: Economics
Regional keyword: North America
Model / method: Quantitative Methods
MDB-ID: Entry suspended (3300 is only PDF of article)
 Degree: -

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Title: Journal of Macroeconomics
Source Genre: Journal, SCI, Scopus
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Pages: - Volume / Issue: 71 Sequence Number: 103394 Start / End Page: - Identifier: CoNE: https://publications.pik-potsdam.de/cone/journals/resource/Journal-Macroeconomics
Publisher: Elsevier