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Title: THREE ESSAYS ON THE STRUCTURAL CHANGES IN MODERN ECONOMY
Citation Type: Dissertation/Thesis
Publication Year: 2011
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Abstract: The intent of this study is to explore the causes of macro-level structural changes and the implications of these changes for the macroeconomic fundamentals. The cause of the recent sectoral composition change in the US is examined from the perspective of intangible capital accumulation. In the Örst theoretical model of the study, as the importance of intangible capital increases in the production functions ñbut at di§erent rates across sectors ñlabor is shifted from direct goods production to creating sector-speciÖc intangible capital. At the mean time, the real output and employment shares of the high intangible sector increase. The implications of the model are consistent with a series of structural-change-related stylized facts in the US economy. Empirically, it is shown that an industryís future growth in output and employment is strongly correlated with its intangible capital intensity. And the industries in which Örmsíintangible investments have a higher impact on Örmsíproduction tend to grow more. The study then looks at the recent structural change in the production volatility patterns of the US, namely, a divergence in macro and micro level production volatilities. It is shown that as Örmsíorganization capital becomes increasingly important in the production process, the impact of Örm-speciÖc risk factor rises, while that of general risk factor declines. The former raises Örm- level volatility; the latter reduces aggregate volatility. Consistent with this theory, it is found that Örm-level volatility increases with organizational investment, but general factorsíimpact on Örm performance and a Örmís production correlation with other Örms decrease with organizational investment. The study also investigates structural change patterns in di§erent countries. With data from 28 industries across 15 countries, it is shown that at least for the overall capital, the shares of capital intensive industries are signiÖcantly bigger with higher initial capital endowment and faster capital accumulation. More importantly, there is a signiÖcantly positive relationship between a countryís aggregate output growth and the degree of structural coherence in all types of capital.
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Authors: Xingyuan Che, Xingyuan
Institution: Georgetown University
Department: Economics
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Degree: Doctor of Philosophy in Economics
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Pages: 138
Data Collections: IPUMS USA
Topics: Other
Countries: United States