A Theory of Structural Change That Can Fit the Data
研究美国、英国、加拿大和澳大利亚超过一个世纪的消费支出结构变迁，提出并估计了一类可加总跨期偏好，能更好拟合非单调的结构变迁模式，对宏观经济学和计量经济学研究者有参考价值。
We study structural change in the historical consumption expenditure of the United States, the United Kingdom, Canada, and Australia over more than a century. We characterize the most general class of preferences in a time-additive setting that admits aggregation of the saving decision and allows us to identify preference parameters from aggregate data. We parameterize and estimate such intertemporally aggregable (IA) preferences and discuss their properties in a dynamic general equilibrium framework with sustained growth. Our preference class is considerably more flexible than the Gorman form or PIGL, giving rise to a good fit of the non-monotonic pattern of structural change.