Nonlinear Dynamics, Spillovers and Growth in the G7 Economies: An Empirical Investigation
AbstractThis paper proposes an empirical growth model which is consistent with a stochastic steady-state labour productivity level varying over time and across countries, where the disequilibrium mechanism leading to long-run equilibrium follows a nonlinear equilibrium correction model. Using data for the G7 economies during the postwar period since 1950, the empirical analysis yields a long-run model which implies plausible estimates of the production function parameters. Postwar economic growth in each of the G7 countries appears to be well characterized by a nonlinear equilibrium correction model where the dynamic adjustment towards long-run equilibrium is governed by a logistic function, while also capturing spillover effects in growth dynamics. Copyright 2001 by The London School of Economics and Political Science
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Bibliographic InfoArticle provided by London School of Economics and Political Science in its journal Economica.
Volume (Year): 68 (2001)
Issue (Month): 271 (August)
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Other versions of this item:
- Sarno, Lucio, 2000. "Nonlinear Dynamics, Spillovers and Growth in the G7 Economies: An Empirical Investigation," CEPR Discussion Papers 2537, C.E.P.R. Discussion Papers.
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
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- Mody, Ashoka & Sarno, Lucio & Taylor, Mark P., 2007.
"A cross-country financial accelerator: Evidence from North America and Europe,"
Journal of International Money and Finance,
Elsevier, vol. 26(1), pages 149-165, February.
- Mark Taylor & Ashoka Mody & Lucio Sarno, 2005. "A Cross-Country Financial Accelorator: Evidence from North America and Europe," Working Papers wp05-12, Warwick Business School, Finance Group.
- Mody, Ashoka & Sarno, Lucio & Taylor, Mark P, 2005. "A Cross-Country Financial Accelerator: Evidence from North America and Europe," CEPR Discussion Papers 5037, C.E.P.R. Discussion Papers.
- Nevin Cavusoglu & Edinaldo Tebaldi, 2006. "Evaluating growth theories and their empirical support: An assessment of the convergence hypothesis," Journal of Economic Methodology, Taylor & Francis Journals, vol. 13(1), pages 49-75.
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