Structural transformation and the volatility of aggregate output in OECD countries /:
"This paper finds a negative relationship between the employment share of the service sector and the volatility of aggregate output in the OECD - after controlling for the level of financial development. This result reflects volatility differentials across sectors: labor productivity is more vo...
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| 1. Verfasser: | |
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| Körperschaft: | |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
©2013.
|
| Schriftenreihe: | IMF working paper ;
WP/13/43. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "This paper finds a negative relationship between the employment share of the service sector and the volatility of aggregate output in the OECD - after controlling for the level of financial development. This result reflects volatility differentials across sectors: labor productivity is more volatile in agriculture and manufacturing than in services. Aggregate output would therefore become less volatile as labor moves away from agriculture and manufacturing and toward the service sector. I examine the quantitative role of these labor shifts - termed structural transformation - on the volatility of aggregate output in OECD countries. I first calibrate to the U.S. economy an indivisible labor model in which the reallocation of labor across sectors emerges endogenously from sectoral labor productivity growth differentials. The setup is then used to generate the time path of labor shares in agriculture, manufacturing and services in individual countries. Finally, I perform a set of counterfactual analyzes in which the reallocation of labor across sectors is constrained endogenously. I find that the secular shift of labor towards the service sector was volatility-reducing in OECD countries during 1970-2006"--Abstract. |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed Feb. 19, 2013). "Institute for Capacity Development"--Page 2 of pdf. "February 2013"--Page 2 of pdf. |
| Beschreibung: | 1 online resource (29 pages) : color illustrations |
| Bibliographie: | Includes bibliographical references. |
| ISBN: | 9781475544701 1475544707 |
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| 520 | |a "This paper finds a negative relationship between the employment share of the service sector and the volatility of aggregate output in the OECD - after controlling for the level of financial development. This result reflects volatility differentials across sectors: labor productivity is more volatile in agriculture and manufacturing than in services. Aggregate output would therefore become less volatile as labor moves away from agriculture and manufacturing and toward the service sector. I examine the quantitative role of these labor shifts - termed structural transformation - on the volatility of aggregate output in OECD countries. I first calibrate to the U.S. economy an indivisible labor model in which the reallocation of labor across sectors emerges endogenously from sectoral labor productivity growth differentials. The setup is then used to generate the time path of labor shares in agriculture, manufacturing and services in individual countries. Finally, I perform a set of counterfactual analyzes in which the reallocation of labor across sectors is constrained endogenously. I find that the secular shift of labor towards the service sector was volatility-reducing in OECD countries during 1970-2006"--Abstract. | ||
| 504 | |a Includes bibliographical references. | ||
| 505 | 0 | |a Cover; Contents; I. Introduction; II. Empirical Evidence; Figures; 1. Employment Share of the Service Sector and Aggregate Output Volatility in the OECD, 1970-2006.; III. The Model; A. The Economic Environment; B. Preferences; C. Analytical Solution to the Model; D. Calibration; IV. Results; A. Taking the Model to the Data; Tables; 1. Parameter Values; 2. Sectoral Labor Reallocation in the U.S.: Model vs. Data.; B. Counterfactual Experiments; 3. Employment Share of the Service Sector and Aggregate Output Volatility in the OECD (1970-2006): Model. | |
| 505 | 8 | |a 2. The Role of Structural Transformation on Aggregate Output Volatility4. Sectoral Labor Reallocation in OECD Countries: Model vs. Data; V. Conclusion; References; Appendices; A. Data and Sources; B. Tables and Figures; 5. Summary Statistics on Sectoral Volatilities Across OECD Countries.; 6. The Volatility of Aggregate Output in OECD Countries (actual and trend).; 7. Sectoral Annual Hours Worked per Person Engaged in the US (in thousands). | |
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| author | Lonkeng Ngouana, Constant |
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| contents | Cover; Contents; I. Introduction; II. Empirical Evidence; Figures; 1. Employment Share of the Service Sector and Aggregate Output Volatility in the OECD, 1970-2006.; III. The Model; A. The Economic Environment; B. Preferences; C. Analytical Solution to the Model; D. Calibration; IV. Results; A. Taking the Model to the Data; Tables; 1. Parameter Values; 2. Sectoral Labor Reallocation in the U.S.: Model vs. Data.; B. Counterfactual Experiments; 3. Employment Share of the Service Sector and Aggregate Output Volatility in the OECD (1970-2006): Model. 2. The Role of Structural Transformation on Aggregate Output Volatility4. Sectoral Labor Reallocation in OECD Countries: Model vs. Data; V. Conclusion; References; Appendices; A. Data and Sources; B. Tables and Figures; 5. Summary Statistics on Sectoral Volatilities Across OECD Countries.; 6. The Volatility of Aggregate Output in OECD Countries (actual and trend).; 7. Sectoral Annual Hours Worked per Person Engaged in the US (in thousands). |
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| series2 | IMF working paper ; |
| spelling | Lonkeng Ngouana, Constant, author. http://id.loc.gov/authorities/names/no2012037787 Structural transformation and the volatility of aggregate output in OECD countries / Constant Lonkeng Ngouana. [Washington, D.C.] : International Monetary Fund, ©2013. 1 online resource (29 pages) : color illustrations text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper ; WP/13/43 Title from PDF title page (IMF Web site, viewed Feb. 19, 2013). "Institute for Capacity Development"--Page 2 of pdf. "February 2013"--Page 2 of pdf. "This paper finds a negative relationship between the employment share of the service sector and the volatility of aggregate output in the OECD - after controlling for the level of financial development. This result reflects volatility differentials across sectors: labor productivity is more volatile in agriculture and manufacturing than in services. Aggregate output would therefore become less volatile as labor moves away from agriculture and manufacturing and toward the service sector. I examine the quantitative role of these labor shifts - termed structural transformation - on the volatility of aggregate output in OECD countries. I first calibrate to the U.S. economy an indivisible labor model in which the reallocation of labor across sectors emerges endogenously from sectoral labor productivity growth differentials. The setup is then used to generate the time path of labor shares in agriculture, manufacturing and services in individual countries. Finally, I perform a set of counterfactual analyzes in which the reallocation of labor across sectors is constrained endogenously. I find that the secular shift of labor towards the service sector was volatility-reducing in OECD countries during 1970-2006"--Abstract. Includes bibliographical references. Cover; Contents; I. Introduction; II. Empirical Evidence; Figures; 1. Employment Share of the Service Sector and Aggregate Output Volatility in the OECD, 1970-2006.; III. The Model; A. The Economic Environment; B. Preferences; C. Analytical Solution to the Model; D. Calibration; IV. Results; A. Taking the Model to the Data; Tables; 1. Parameter Values; 2. Sectoral Labor Reallocation in the U.S.: Model vs. Data.; B. Counterfactual Experiments; 3. Employment Share of the Service Sector and Aggregate Output Volatility in the OECD (1970-2006): Model. 2. The Role of Structural Transformation on Aggregate Output Volatility4. Sectoral Labor Reallocation in OECD Countries: Model vs. Data; V. Conclusion; References; Appendices; A. Data and Sources; B. Tables and Figures; 5. Summary Statistics on Sectoral Volatilities Across OECD Countries.; 6. The Volatility of Aggregate Output in OECD Countries (actual and trend).; 7. Sectoral Annual Hours Worked per Person Engaged in the US (in thousands). Service industries OECD countries. Gross national product OECD countries. Labor productivity OECD countries. Structural adjustment (Economic policy) OECD countries. Services (Industrie) Pays de l'Organisation de coopération et de développement économiques. Produit national brut Pays de l'Organisation de coopération et de développement économiques. Productivité Pays de l'Organisation de coopération et de développement économiques. Ajustement structurel (Économie) Pays de l'Organisation de coopération et de développement économiques. BUSINESS & ECONOMICS Banks & Banking. bisacsh Gross national product fast Labor productivity fast Service industries fast Structural adjustment (Economic policy) fast OECD countries fast International Monetary Fund. Institute for Capacity Development. http://id.loc.gov/authorities/names/no2012075144 IMF working paper ; WP/13/43. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=561195 Volltext |
| spellingShingle | Lonkeng Ngouana, Constant Structural transformation and the volatility of aggregate output in OECD countries / IMF working paper ; Cover; Contents; I. Introduction; II. Empirical Evidence; Figures; 1. Employment Share of the Service Sector and Aggregate Output Volatility in the OECD, 1970-2006.; III. The Model; A. The Economic Environment; B. Preferences; C. Analytical Solution to the Model; D. Calibration; IV. Results; A. Taking the Model to the Data; Tables; 1. Parameter Values; 2. Sectoral Labor Reallocation in the U.S.: Model vs. Data.; B. Counterfactual Experiments; 3. Employment Share of the Service Sector and Aggregate Output Volatility in the OECD (1970-2006): Model. 2. The Role of Structural Transformation on Aggregate Output Volatility4. Sectoral Labor Reallocation in OECD Countries: Model vs. Data; V. Conclusion; References; Appendices; A. Data and Sources; B. Tables and Figures; 5. Summary Statistics on Sectoral Volatilities Across OECD Countries.; 6. The Volatility of Aggregate Output in OECD Countries (actual and trend).; 7. Sectoral Annual Hours Worked per Person Engaged in the US (in thousands). Service industries OECD countries. Gross national product OECD countries. Labor productivity OECD countries. Structural adjustment (Economic policy) OECD countries. Services (Industrie) Pays de l'Organisation de coopération et de développement économiques. Produit national brut Pays de l'Organisation de coopération et de développement économiques. Productivité Pays de l'Organisation de coopération et de développement économiques. Ajustement structurel (Économie) Pays de l'Organisation de coopération et de développement économiques. BUSINESS & ECONOMICS Banks & Banking. bisacsh Gross national product fast Labor productivity fast Service industries fast Structural adjustment (Economic policy) fast |
| title | Structural transformation and the volatility of aggregate output in OECD countries / |
| title_auth | Structural transformation and the volatility of aggregate output in OECD countries / |
| title_exact_search | Structural transformation and the volatility of aggregate output in OECD countries / |
| title_full | Structural transformation and the volatility of aggregate output in OECD countries / Constant Lonkeng Ngouana. |
| title_fullStr | Structural transformation and the volatility of aggregate output in OECD countries / Constant Lonkeng Ngouana. |
| title_full_unstemmed | Structural transformation and the volatility of aggregate output in OECD countries / Constant Lonkeng Ngouana. |
| title_short | Structural transformation and the volatility of aggregate output in OECD countries / |
| title_sort | structural transformation and the volatility of aggregate output in oecd countries |
| topic | Service industries OECD countries. Gross national product OECD countries. Labor productivity OECD countries. Structural adjustment (Economic policy) OECD countries. Services (Industrie) Pays de l'Organisation de coopération et de développement économiques. Produit national brut Pays de l'Organisation de coopération et de développement économiques. Productivité Pays de l'Organisation de coopération et de développement économiques. Ajustement structurel (Économie) Pays de l'Organisation de coopération et de développement économiques. BUSINESS & ECONOMICS Banks & Banking. bisacsh Gross national product fast Labor productivity fast Service industries fast Structural adjustment (Economic policy) fast |
| topic_facet | Service industries OECD countries. Gross national product OECD countries. Labor productivity OECD countries. Structural adjustment (Economic policy) OECD countries. Services (Industrie) Pays de l'Organisation de coopération et de développement économiques. Produit national brut Pays de l'Organisation de coopération et de développement économiques. Productivité Pays de l'Organisation de coopération et de développement économiques. Ajustement structurel (Économie) Pays de l'Organisation de coopération et de développement économiques. BUSINESS & ECONOMICS Banks & Banking. Gross national product Labor productivity Service industries Structural adjustment (Economic policy) OECD countries |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=561195 |
| work_keys_str_mv | AT lonkengngouanaconstant structuraltransformationandthevolatilityofaggregateoutputinoecdcountries AT internationalmonetaryfundinstituteforcapacitydevelopment structuraltransformationandthevolatilityofaggregateoutputinoecdcountries |