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Author: | Whelan, K. |
Title: | A two-sector approach to modeling U.S. NIPA data |
Journal: | Journal of Money, Credit and Banking
2003 : AUG, VOL. 35:4, p. 627-656 |
Index terms: | Economic growth National income USA |
Language: | eng |
Abstract: | The one-sector Solow-Ramsey model is the most popular model of long-run economic growth. It is argued here 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 behaviour of the U.S. economy. The study 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. |
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