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Are 19 Developed Countries' Real Per Capita GDP levels Non-stationary? A Revisit

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Author Info
Shyh-Wei Chen () (Department of Finance, Dayeh University)
Abstract

By using an extended dataset for 19 developed countries, this study employs a recent unit root test to re-examine the issue of the non-stationarity of real per capita GDP. The results convincingly support the view that the real per capita GDPs of Australia, France, Germany, Japan, the UK and the USA are characterized by a stationary process if the one-break unit root test is employed. Moreover, we can reject 11 of 19 countries' real per capita GDP if the two-break unit root test is employed. This is consistent with the view that business cycles exhibit stationary fluctuations around a deterministic trend.

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File URL: http://economicsbulletin.vanderbilt.edu/2008/volume3/EB-07C20156A.pdf
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Publisher Info
Article provided by Economics Bulletin in its journal Economics Bulletin.

Volume (Year): 3 (2008)
Issue (Month): 2 ()
Pages: 1-11
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:ebl:ecbull:v:3:y:2008:i:2:p:1-11

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Related research
Keywords: Per capita GDP; Structural break; Unit root;

Find related papers by JEL classification:
C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
O5 - Economic Development, Technological Change, and Growth - - Economywide Country Studies

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    Other versions:
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    Other versions:
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    Other versions:
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  13. PareshKumar Narayan, 2004. "Are Output Fluctuations Transitory? New Evidence From 24 Chinese Provinces," Pacific Economic Review, Blackwell Publishing, vol. 9(4), pages 327-336, December. [Downloadable!] (restricted)
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  15. Ben-David, Dan & Papell, David H., 1995. "The great wars, the great crash, and steady state growth: Some new evidence about an old stylized fact," Journal of Monetary Economics, Elsevier, vol. 36(3), pages 453-475, December. [Downloadable!] (restricted)
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