Publication: Non-homothetic preferences and industry directed technical change
Non-homothetic preferences and industry directed technical change
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Boppart, T., & Weiss, F. J. (2013). Non-homothetic preferences and industry directed technical change (No. 123; Working Paper Series / Department of Economics).
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Sectoral data features (i) changing relative expenditures of different sectors, (ii) non-constancy in relative prices and (iii) long-run trends in relative TFP growth rates across sectors. We provide a tractable theory of industry directed technical change, which is able to reconcile these findings. In doing so, this paper emphasizes the importance of directed technical change, nonhomotheticity of preferences and structural change as a long-run phenomenon. Using the input-output tables of the U.S., our theory helps us to reconstruct h
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Boppart, T., & Weiss, F. J. (2013). Non-homothetic preferences and industry directed technical change (No. 123; Working Paper Series / Department of Economics).
