Idiosyncratic Sectoral Growth, Balanced Growth, and Sectoral Linkages

Andrew T. Foerster, E. LaRose, Pierre-Daniel G. Sarte
{"title":"Idiosyncratic Sectoral Growth, Balanced Growth, and Sectoral Linkages","authors":"Andrew T. Foerster, E. LaRose, Pierre-Daniel G. Sarte","doi":"10.21144/EQ1040202","DOIUrl":null,"url":null,"abstract":"We study the growth properties of an economy where different sectors are linked by way of intermediates and potentially grow at different rates. We characterize the economy's equilibrium balanced growth path, and derive an analytical expression that summarizes how TFP growth in a given sector affects value added growth in every other sector and, therefore, aggregate GDP growth. We show in a special case that a version of Hulten's (1978) theorem, whereby the effects of changes in sector-specific productivity on GDP are entirely captured by that sector's share in GDP, also holds in growth rates along a balanced growth path. In that case, changes in TFP growth specific to that sector do not directly affect value added in other sectors regardless of its linkages in the economy. In the more general case, changes in sectors that are more capital intensive, and central as intermediate goods suppliers, have larger effects on value added growth in other sectors and aggregate GDP. In a calibrated version of our benchmark case, we find substantive quantitative differences in the effects of sectoral TFP growth changes on GDP relative to the case where these effects are given by sectoral value added shares only.","PeriodicalId":186638,"journal":{"name":"Federal Reserve Bank of Richmond Research Publications","volume":"252 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2018-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Federal Reserve Bank of Richmond Research Publications","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.21144/EQ1040202","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 1

Abstract

We study the growth properties of an economy where different sectors are linked by way of intermediates and potentially grow at different rates. We characterize the economy's equilibrium balanced growth path, and derive an analytical expression that summarizes how TFP growth in a given sector affects value added growth in every other sector and, therefore, aggregate GDP growth. We show in a special case that a version of Hulten's (1978) theorem, whereby the effects of changes in sector-specific productivity on GDP are entirely captured by that sector's share in GDP, also holds in growth rates along a balanced growth path. In that case, changes in TFP growth specific to that sector do not directly affect value added in other sectors regardless of its linkages in the economy. In the more general case, changes in sectors that are more capital intensive, and central as intermediate goods suppliers, have larger effects on value added growth in other sectors and aggregate GDP. In a calibrated version of our benchmark case, we find substantive quantitative differences in the effects of sectoral TFP growth changes on GDP relative to the case where these effects are given by sectoral value added shares only.
特殊部门增长、平衡增长和部门联系
我们研究了一个经济体的增长特性,其中不同的部门通过中间产品联系在一起,并可能以不同的速度增长。我们描述了经济的均衡平衡增长路径,并推导出一个分析表达式,该表达式总结了给定部门的全要素生产率增长如何影响其他所有部门的增加值增长,从而影响总GDP增长。在一个特例中,我们证明了Hulten(1978)定理的一个版本,即部门特定生产率对GDP的变化的影响完全由该部门在GDP中所占的份额所反映,也适用于平衡增长路径上的增长率。在这种情况下,特定于该部门的全要素生产率增长的变化不会直接影响其他部门的增加值,无论其在经济中的联系如何。在更一般的情况下,资本密集程度更高的部门以及作为中间产品供应商的核心部门的变化,对其他部门的增值增长和总GDP有更大的影响。在我们的基准案例的校准版本中,我们发现,相对于这些影响仅由部门增加值份额给出的情况,部门TFP增长变化对GDP的影响存在实质性的定量差异。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
来源期刊
自引率
0.00%
发文量
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:604180095
Book学术官方微信