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An Econometric Analysis of the Impact of Structural Changes on the Aggregate Output of the United States

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  • Germinal G. Van

Abstract

Structural changes play an essential role in the economic development of a country. They represent the evolution of economic dynamics within the macroeconomy. As we know, the economic sectors of a country do not affect the whole economy equally and their level of output generates economic fluctuations. The purpose of this paper is to analyze the impact of the three major economic sectors on the aggregate production of the United States since the 1990s. This paper essentially argues that the service sector is the sector that has contributed the most to the development of the U.S. economy since the 2000s because technological progress increased the rapid changes in the structure of the macroeconomy. Through the use of several econometric methods, we aim to rigorously analyze how the economic policy of each sector impacted economic growth.

Suggested Citation

  • Germinal G. Van, 2021. "An Econometric Analysis of the Impact of Structural Changes on the Aggregate Output of the United States," Journal of Economics and Econometrics, Economics and Econometrics Society, vol. 64(3), pages 17-36.
    • Handle: RePEc:eei:journl:v:64:y:2021:i:3:p:17-36
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    References listed on IDEAS

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    1. Fagerberg, Jan, 2000. "Technological progress, structural change and productivity growth: a comparative study," Structural Change and Economic Dynamics, Elsevier, vol. 11(4), pages 393-411, December.
    2. Lewis, Frank D., 1979. "Explaining the Shift of Labor from Agriculture to Industry in the United States: 1869 to 1899," The Journal of Economic History, Cambridge University Press, vol. 39(3), pages 681-698, September.
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    More about this item

    Keywords

    Econometrics; Economic Policy; Macroeconomics; Structural Change.;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • C49 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Other
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
    • N27 - Economic History - - Financial Markets and Institutions - - - Africa; Oceania

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