Structural Change, Growth, and Volatility
构建两部门一般均衡模型，研究GDP的部门构成如何影响跨国GDP增长和波动的差异。模型校准至美国制造业和服务业后，发现服务业占比上升能解释高收入与中高收入经济体之间人均GDP增长和波动的很大一部分差异。
I construct a two-sector general equilibrium model of structural change to study the impact of sectoral composition of gross domestic product (GDP) on cross-country differences in GDP growth and volatility. For an empirically relevant parametrization of sectoral production functions, an increase in the share of services in GDP reduces both aggregate total factor productivity (TFP) growth and volatility, thus reducing GDP growth and volatility. When the model is calibrated to the US manufacturing and service sector, the rise of the service sector occurring as income grows can account for a large fraction of the differences in per capita GDP growth and volatility between high-income economies and upper middle income economies.