Author:
Gil Pedro Mazeda,Afonso Oscar,Vasconcelos Paulo B.
Abstract
By means of an endogenous growth model of directed technical change with vertical and horizontal R&D, we study a transitional-dynamics mechanism that is consistent with the changes in the shares of the high- versus the low-tech sectors found in recent European data. Under the hypothesis of a positive shock in the proportion of high-skilled labor, the technological-knowledge bias channel leads to unbalanced sectoral growth with a noticeable shift of resources across sectors. A calibration exercise suggests that the model is able to account for up to from 50 to about 100 percent of the increase in the share of the high-tech sector observed in the data from 1995 to 2007. However, the model predicts that the dynamics of the share of the high-tech sector has no significant impact on the dynamics of the economic growth rate.
Publisher
Cambridge University Press (CUP)
Subject
Economics and Econometrics
Reference14 articles.
1. GROWTH AND FIRM DYNAMICS WITH HORIZONTAL AND VERTICAL R&D
2. European Commission (2010) Europe 2020—A Strategy for Smart, Sustainable and Inclusive Growth. Discussion paper, Communication from the Commission.
3. Brito P. (2004) Local Dynamics for Four-Dimensional Models: A Complete Characterization. Mimeo, ISEG, Universidade de Lisboa.
4. Hatzichronoglou T. (1997) Revision of the High-Technology Sector and Product Classification. OECD/STI working paper 2, pp. 1–26.
5. Structural Change in a Multisector Model of Growth
Cited by
4 articles.
订阅此论文施引文献
订阅此论文施引文献，注册后可以免费订阅5篇论文的施引文献，订阅后可以查看论文全部施引文献