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We study the roles of globalization and structural change in the evolution of international GDP comovement among industrialized countries over the period 1978-2007. In recent decades, trade integration between advanced economies increased rapidly while average GDP correlations remained stable....
Persistent link: https://www.econbiz.de/10014322746
flows to the theory of structural change and unbalanced economic growth (which is predominantly a closed economy framework …).The theory of structural change and unbalanced economic growth takes a contrarian view to the standard growth theoretical models … based on “Kaldor Facts”. This theory states that as an economy grows and accumulates capital, the sector that has more …
Persistent link: https://www.econbiz.de/10014104322
Persistent link: https://www.econbiz.de/10009300227
This paper presents an agent-based model (ABM) of endogenous arrival of technological paradigms and new sectors entailing different patterns of labour creation and destruction, as well as of consumption dynamics. The model, building on the labour-augmented K+S ABM, addresses the long-term...
Persistent link: https://www.econbiz.de/10012520255
The majority of households across emerging market economies are excluded from the financial markets and cannot smooth consumption. I analyze the implications of this for optimal monetary policy and the corresponding choice of domestic versus external nominal anchor in a small open economy...
Persistent link: https://www.econbiz.de/10012968989
transformation in Africa, focusing on sectoral output shares, sectoral employment shares, and the relative labour productivity of … product growth and population density reduce unemployment and non-employment. …
Persistent link: https://www.econbiz.de/10014427588
ways of defining manufacturing and service employment as point of departure - according to the industry classification of … is far less pronounced than generally perceived. Manufacturing and service employment numbers based on the occupations of … workers deviate markedly from the employment numbers based on the industry classification of employers. The decline in …
Persistent link: https://www.econbiz.de/10012651531
growth. We use dynamic panel models and the calculation of output and employment multipliers for a diversified sample of … RER on the real per capita incomegrowth rate. Finally, the manufacturing industry's output multipliers and employment …
Persistent link: https://www.econbiz.de/10012288231
Despite extensive research, the estimates of changes in employment are heter-ogeneous in different conditions of … employment elasticity compared to its values in economies with a stable development trend. Based on this, we formulate the …
Persistent link: https://www.econbiz.de/10012651347
of theory with empirical evidence on gross job flows and on financial and labor market rents, we find that, cumulatively …
Persistent link: https://www.econbiz.de/10014175753