The Rise of Services and Balanced Growth in Theory and Data
研究结构转型对经济增长的影响，通过两部门增长模型发现服务业占比上升会提高实际投资率、降低实际利率和资本边际产出，并加速投资专用技术进步，模型校准后能解释跨国数据中实际投资率对服务业占比的弹性。
We investigate the effect of structural transformation on the process of economic growth. Using a two-sector growth model we show that, in addition to Baumol’s cost disease, structural transformation from goods to services generates other predictions that are in line with cross-country growth facts: an increase in the real investment rate, a decline in the real interest rate and the marginal product of capital, and an acceleration of investment-specific technological change as the share of services increases. The model calibrated to US data can account for the elasticity of real investment rates to the share of services measured in cross-country data.