@article{MTMT:34149793,
	title = {Structural Change within the Services Sector and the Future of Cost Disease},
	url = {https://m2.mtmt.hu/api/publication/34149793},
	author = {Duernecker, Georg and Herrendorf, Berthold and Valentinyi, Ákos},
	doi = {10.1093/jeea/jvad030},
	journal-iso = {J EUR ECON ASSOC},
	journal = {JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION},
	volume = {2023},
	unique-id = {34149793},
	issn = {1542-4766},
	abstract = {In his seminal work, Baumol observed that developed economies suffer from cost disease, i.e., aggregate productivity growth falls because structural change reallocates production to services with low productivity growth. We document that cost disease importantly contributed to the productivity growth slowdown in the postwar U.S. To assess how severe cost disease may become, we build a model of structural change among the goods sector and broad services sectors. Calibrating the model to the postwar U.S. implies that broad categories of services are substitutes and the services with low productivity growth do not take over production. Simulating the calibrated model forward implies that future cost disease will be less severe than the past one.},
	year = {2023},
	eissn = {1542-4774},
	pages = {1-46},
	orcid-numbers = {Valentinyi, Ákos/0000-0002-9166-7489}
}

@article{MTMT:33247503,
	title = {Endogenous sector-biased technological change and industrial policy},
	url = {https://m2.mtmt.hu/api/publication/33247503},
	author = {Herrendorf, Berthold and Valentinyi, Ákos},
	doi = {10.1016/j.econmod.2022.105875},
	journal-iso = {ECON MODEL},
	journal = {ECONOMIC MODELLING},
	volume = {113},
	unique-id = {33247503},
	issn = {0264-9993},
	abstract = {We build a model of structural transformation with endogenous sector-biased technological change. We show that if the return to specialization is larger in the goods sector than in the service sector, then the equilibrium has the following properties: aggregate growth is balanced; the service sector receives more innovation but the goods sector experiences more productivity growth; structural transformation takes place from goods to services. Compared to the efficient allocation the laissez-faire equilibrium has too much labor in the goods sector, implying that optimal industrial policy should aim to increase, not decrease, the pace of structural transformation.},
	keywords = {Structural transformation; change; Industrial policy; endogenous Sector-biased technological; Horizontal innovation},
	year = {2022},
	eissn = {1873-6122},
	orcid-numbers = {Valentinyi, Ákos/0000-0002-9166-7489}
}

@article{MTMT:32326303,
	title = {The productivity growth slowdown and Kaldor's growth facts},
	url = {https://m2.mtmt.hu/api/publication/32326303},
	author = {Duernecker, G and Herrendorf, B and Valentinyi, Ákos},
	doi = {10.1016/j.jedc.2021.104200},
	journal-iso = {J ECON DYN CONTROL},
	journal = {JOURNAL OF ECONOMIC DYNAMICS & CONTROL},
	volume = {130},
	unique-id = {32326303},
	issn = {0165-1889},
	abstract = {The productivity growth slowdown that started in the 1970s presents a challenge to Kaldor's growth facts and the one-sector growth model. We ask: What natural modification of the growth model can generate a prolonged productivity growth slowdown? We show that the two-sector version with separate consumption and investment sectors has a balanced growth path equilibrium along which productivity growth slows down if two conditions hold: real GDP is measured with the Fisher index; productivity growth in the consumption sector slows down. We also show that real GDP measured with the Fisher index is a welfare measure in the two-sector version. (C) 2021 Elsevier B.V. All rights reserved.},
	keywords = {Fisher index; Kaldor's growth facts; Productivity growth slowdown; Two-sector growth model},
	year = {2021},
	eissn = {1879-1743},
	orcid-numbers = {Valentinyi, Ákos/0000-0002-9166-7489}
}

@article{MTMT:32326188,
	title = {Structural change in investment and consumption — a unified analysis},
	url = {https://m2.mtmt.hu/api/publication/32326188},
	author = {Herrendorf, B and Rogerson, R and Valentinyi, Ákos},
	doi = {10.1093/restud/rdaa013},
	journal-iso = {REV ECON STUD},
	journal = {REVIEW OF ECONOMIC STUDIES},
	volume = {88},
	unique-id = {32326188},
	issn = {0034-6527},
	abstract = {The structural-change literature typically assumes that investment is produced in manufacturing. We establish that this assumption is counterfactual: in the postwar U.S., the share of services value added in investment expenditure has been steadily growing. We develop a new model that features structural change in investment and consumption, characterize its equilibrium properties, and provide empirical support for it. We establish that modelling structural change in investment leads to three novel insights: constant TFP growth in all sectors is inconsistent with the existence of aggregate balanced growth with structural change; the sector with the slowest TFP growth absorbs all resources asymptotically; technical change is endogenously investment-biased.},
	keywords = {INVESTMENT; Structural change; Aggregate balanced growth; Investment-biased technical change},
	year = {2021},
	eissn = {1467-937X},
	pages = {1311-1346},
	orcid-numbers = {Valentinyi, Ákos/0000-0002-9166-7489}
}

@article{MTMT:32471129,
	title = {The role of Provincial Government Spending Composition in growth and convergence in China},
	url = {https://m2.mtmt.hu/api/publication/32471129},
	author = {Luintel, K B and Matthews, K and Minford, L and Valentinyi, Ákos and Wang, B},
	doi = {10.1016/j.econmod.2020.04.024},
	journal-iso = {ECON MODEL},
	journal = {ECONOMIC MODELLING},
	volume = {90},
	unique-id = {32471129},
	issn = {0264-9993},
	year = {2020},
	eissn = {1873-6122},
	pages = {117-134},
	orcid-numbers = {Valentinyi, Ákos/0000-0002-9166-7489}
}

@techreport{MTMT:33720460,
	title = {Local autonomy and government spending multipliers: evidence from European regions},
	url = {https://m2.mtmt.hu/api/publication/33720460},
	author = {Pappa, E and Valentinyi, Ákos and Brueckner, M},
	unique-id = {33720460},
	year = {2019},
	orcid-numbers = {Valentinyi, Ákos/0000-0002-9166-7489}
}

@article{MTMT:32471126,
	title = {Growth and the Kaldor Facts},
	url = {https://m2.mtmt.hu/api/publication/32471126},
	author = {Herrendorf, B and Rogerson, R and Valentinyi, Ákos},
	doi = {10.20955/r.101.259-76},
	journal-iso = {FED RESERVE BANK ST},
	journal = {REVIEW - FEDERAL RESERVE BANK OF ST LOUIS},
	volume = {101},
	unique-id = {32471126},
	issn = {0014-9187},
	year = {2019},
	eissn = {2163-4505},
	pages = {259-276},
	orcid-numbers = {Valentinyi, Ákos/0000-0002-9166-7489}
}

@book{MTMT:30380465,
	title = {Structural Change in Investment and Consumption. a Unified Approach},
	url = {https://m2.mtmt.hu/api/publication/30380465},
	author = {Herrendorf, B and Rogerson, R and Valentinyi, Ákos},
	publisher = {National Bureau of Economic Research (NBER)},
	unique-id = {30380465},
	year = {2018},
	orcid-numbers = {Valentinyi, Ákos/0000-0002-9166-7489}
}

@article{MTMT:3342206,
	title = {„A hiány” visszhangja Keleten és Nyugaton. (A recenziók tükrében)},
	url = {https://m2.mtmt.hu/api/publication/3342206},
	author = {Dénes, Ferenc and Endrész, Marianna and Kaderják, Péter and Valentinyi, Ákos and Vályogos, Győző},
	journal-iso = {KÖZ-GAZDASÁG},
	journal = {KÖZ-GAZDASÁG},
	volume = {13},
	unique-id = {3342206},
	issn = {1788-0696},
	year = {2018},
	pages = {121-131},
	orcid-numbers = {Valentinyi, Ákos/0000-0002-9166-7489}
}

@book{MTMT:3317697,
	title = {Quantity Measurement and Balanced Growth in Multi-Sector Growth Models},
	url = {https://m2.mtmt.hu/api/publication/3317697},
	author = {Duernecker, G and Herrendorf, B and Valentinyi, Ákos},
	publisher = {CEPR},
	unique-id = {3317697},
	year = {2017},
	orcid-numbers = {Valentinyi, Ákos/0000-0002-9166-7489}
}