Structural Change in Investment and Consumption—A Unified Analysis
指出结构变化文献中关于投资由制造业生产的假设不符合现实，基于美国战后数据建立了一个包含投资和消费结构变化的新模型，并发现恒定全要素生产率增长与平衡增长不一致、最慢生产率部门最终吸收所有资源、技术变化内生偏向投资等新见解。
Abstract The structural-change literature typically assumes that investment is produced in manufacturing. We establish that this assumption is counterfactual: in the postwar U.S., the share of services value added in investment expenditure has been steadily growing. We develop a new model that features structural change in investment and consumption, characterize its equilibrium properties, and provide empirical support for it. We establish that modelling structural change in investment leads to three novel insights: constant TFP growth in all sectors is inconsistent with the existence of aggregate balanced growth with structural change; the sector with the slowest TFP growth absorbs all resources asymptotically; technical change is endogenously investment-biased.