A two-sector approach to modeling U.S. NIPA data

DC FieldValueLanguage
dc.contributor.authorWhelan, Karl-
dc.date.accessioned2008-06-05T16:32:39Z-
dc.date.available2008-06-05T16:32:39Z-
dc.date.copyrightCopyright 2003 by The Ohio State Universityen
dc.date.issued2003-08-
dc.identifier.citationJournal of Money, Credit and Bankingen
dc.identifier.issn0022-2879-
dc.identifier.urihttp://hdl.handle.net/10197/203-
dc.description.abstractThe one-sector Solow-Ramsey model is the most popular model of long-run economic growth. This paper argues that a two-sector approach, in which technological progress in the production of durable goods exceeds that in the rest of the economy, provides a far better picture of the long-run behavior of the U.S. economy. The paper shows how to use the two-sector approach to model the real chain-aggregated variables currently featured in the U.S. National Income and Product Accounts. It is shown that each of the major chain-aggregates-output, consumption, investment, and capital stock-will tend in the long run to grow at steady, but different, rates. Implications for empirical analysis based on these data are explored.en
dc.format.extent4304 bytes-
dc.format.mimetypeapplication/pdf-
dc.language.isoenen
dc.publisherBlackwell Publishing on behalf of the Ohio State Universityen
dc.rights.uriPublisher's copyright policyen
dc.rights.urihttp://www.blackwellpublishing.com/permis.asp?ref=0022-2879&site=29en
dc.subjectCapital stocken
dc.subjectEconomic developmenten
dc.subjectEconomic modelsen
dc.subjectInvestmentsen
dc.subject.lcshEconomic development--Mathematical modelsen
dc.subject.lcshCapital stock--United Statesen
dc.subject.lcshUnited States--Economic conditionsen
dc.titleA two-sector approach to modeling U.S. NIPA dataen
dc.typeJournal Articleen
dc.internal.authorurlKarl Whelan (web page)en
dc.internal.authorurlhttp://www.karlwhelan.com/en
dc.internal.authorcontactotherEmail: karl.whelan@ucd.ie; Tel: 353 1 716 8239en
dc.internal.authoridUCD0026en
dc.internal.availabilityFull text availableen
dc.internal.webversionshttp://www.jstor.org/stable/3649904-
dc.statusPeer revieweden
dc.identifier.volume35en
dc.identifier.issue4en
dc.identifier.startpage627en
dc.identifier.endpage656en
dc.neeo.contributorWhelan|Karl|aut|-
item.grantfulltextopen-
item.fulltextWith Fulltext-
Appears in Collections:Economics Research Collection
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