报告题目：A Multi-sector Model of Public Expenditure and Growth

报告人：bevictor伟德 张利风 副教授

报告时间：2016年11月3日 下午15点10分

报告地点：bevictor伟德6号楼210室

组织发起：bevictor伟德前沿文献与经典著作读书会

主办单位：bevictor伟德

协办单位：科研处

内容摘要：

A large and rich body of empirical and theoretical research examines the role of public expenditure in fostering economic growth. This paper develops a model of endogenous growth with a particular focus on the role of public expenditure in structural changes. We consider the dynamics of a multi-sector economy that allows for differences among sectors in the output elasticity of public expenditure, and demonstrate that there exists a unique balanced growth path that is locally saddle-path stable. Along the balanced growth path, the endogenous growth of public expenditure and its disproportionate effect on different sectors result in changes in the relative prices of goods, which, in turn, cause structural changes represented by a reallocation of resources across sectors. Quantitatively, the faster the economic growth triggered by the policy, the greater the changes in the reallocation of labor.

参考文献：

Acemoglu, Daron, and Veronica Guerrieri. 2008.“Capital Deepening and Nonbalanced Economic Growth.”Journal of Political Economy, 116(3): 467–498.

Alvarez-Cuadrado, Francisco, Ngo Van Long, and Markus Poschke. 2016.“Capital-Labor Substitution, Structural Change and Growth.”Theoretical Economics, (conditionally accepted).

Baumol, William J. 1967.“Macroeconomics of Unbalanced Growth: The Anatomy of Urban Crisis.”American Economic Review, 57(3): 415–426.

Barro RJ (1990) Government spending in a simple model of endogenous growth. Journal of Political Economy 98(5):103-125.

Boppart, Timo. 2014.“Structural Change and the Kaldor Facts in a Growth Model With Relative Price Effects and Non-Gorman Preferences.”Econometrica, 82(6): 2167–2196.

Kongsamut, Piyabha, Sergio Rebelo, and Danyang Xie. 2001.“Beyond Balanced Growth.”Review of Economic Studies, 68(3): 869–882.

Laitner, John. 2000.“Structural Change and Economic Growth.”Review of Economic Studies, 57(3): 545–561.

Ngai, L. Rachel, and Christopher A. Pissarides. 2007.“Structural Change in a Multisector Model of Growth.”American Economic Review, 97(1): 429–443.