A two-sector approach to modeling U.S. NIPA data

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dc.contributor.author Whelan, Karl
dc.date.accessioned 2008-06-05T16:32:39Z
dc.date.available 2008-06-05T16:32:39Z
dc.date.copyright Copyright 2003 by The Ohio State University en
dc.date.issued 2003-08
dc.identifier.citation Journal of Money, Credit and Banking en
dc.identifier.issn 0022-2879
dc.identifier.uri http://hdl.handle.net/10197/203
dc.description.abstract The one-sector Solow-Ramsey model is the most popular model of long-run economic growth. This paper argues that a two-sector approach, in which technological progress in the production of durable goods exceeds that in the rest of the economy, provides a far better picture of the long-run behavior of the U.S. economy. The paper shows how to use the two-sector approach to model the real chain-aggregated variables currently featured in the U.S. National Income and Product Accounts. It is shown that each of the major chain-aggregates-output, consumption, investment, and capital stock-will tend in the long run to grow at steady, but different, rates. Implications for empirical analysis based on these data are explored. en
dc.format.extent 4304 bytes
dc.format.mimetype application/pdf
dc.language.iso en en
dc.publisher Blackwell Publishing on behalf of the Ohio State University en
dc.rights.uri Publisher's copyright policy en
dc.rights.uri http://www.blackwellpublishing.com/permis.asp?ref=0022-2879&site=29 en
dc.subject Capital stock en
dc.subject Economic development en
dc.subject Economic models en
dc.subject Investments en
dc.subject.lcsh Economic development--Mathematical models en
dc.subject.lcsh Capital stock--United States en
dc.subject.lcsh United States--Economic conditions en
dc.title A two-sector approach to modeling U.S. NIPA data en
dc.type Journal Article en
dc.internal.authorurl Karl Whelan (web page) en
dc.internal.authorurl http://www.karlwhelan.com/ en
dc.internal.authorcontactother Email: karl.whelan@ucd.ie; Tel: 353 1 716 8239 en
dc.internal.authorid UCD0026 en
dc.internal.availability Full text available en
dc.internal.webversions http://www.jstor.org/stable/3649904 en
dc.status Peer reviewed en
dc.identifier.volume 35 en
dc.identifier.issue 4 en
dc.identifier.startpage 627 en
dc.identifier.endpage 656 en
dc.neeo.contributor Whelan|Karl|aut|UCD0026

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