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Testing for country heterogeneity in growth models using a finite mixture approach

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Author Info
Marco Alfo (Dipartimento di Statistica, Probabilità e Statistiche Applicate, 'Sapienza' Università di Roma, Rome, Italy)
Giovanni Trovato (Dipartimento di Economia e Istituzioni, Università di Roma 'Tor Vergata', Rome Italy)
Robert J. Waldmann (Dipartimento di Economia e Istituzioni, Università di Roma 'Tor Vergata', Rome Italy)

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Abstract

We define a bivariate mixture model to test whether economic growth can be considered exogenous in the Solovian sense. For this purpose, the multivariate mixture approach proposed by Alfò and Trovato is applied to the Bernanke and Gürkaynak extension of the Solow model. We find that the explanatory power of the Solow growth model is enhanced, since growth rates are not statistically significantly associated with investment rates, when cross-country heterogeneity is considered. Moreover, no sign of convergence to a single equilibrium is found. Copyright © 2008 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/jae.1008
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File URL: http://qed.econ.queensu.ca:80/jae/2008-v23.4/
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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics.

Volume (Year): 23 (2008)
Issue (Month): 4 ()
Pages: 487-514
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Handle: RePEc:jae:japmet:v:23:y:2008:i:4:p:487-514

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This page was last updated on 2008-8-28.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.