Sectoral Re-Composition, Inflation and Productivity Growth in the OECD

摘要: This paper examines the changing composition of OECD economies, between large sectors such as manufacturing and services. It presents several stylised facts on how these changes relate to inflation, labour productivity real wage growth. First, has fallen services have risen, in terms output shares. Second, differences can be marked. For example, inflation is lower than services, growth higher. Third, despite inter-sectoral variations, structures economies no significant impact growth, apparent inflation. Over our thirty year sample, structural change slowed at same time held up. However, there evidence a dynamic relationship tentative signs adjustment costs downturns, consistent with flexible being quicker recover following negative shocks.