摘要: We show that the two-sector version of AK model proposed by Rebelo (1991) can be read as an endogenous growth extension Greenwood, Hercowitz and Krusell (1997). By confining constant returns to capital investment goods sector, generates endogenously secular downward trend relative price equipment rising real rate observed in US NIPA data. Whereas Jones (1995) criticizes one-sector fails reconcile empirical facts trending rates stationary output growth, this incompatibility vanishes version. Finally, a simple technological shock reproduce ‘1974’ break post World War II Thus, AK-type models comply much better with evidence, once they are augmented strictly concave consumption sector.
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