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Are the consumption/output and investment/output ratios stationary? An international analysis

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  • Jesus Clemente
  • Antonio Montanes
  • Montserrat Ponz

Abstract

This paper analyses the integration order of the consumption/output and investment/output ratios for a group of the most important OECD countries. Results show that these ratios can exhibit some structural breaks. Thus, the use of those statistics which do not take into account the presence of breaks leads to the acceptance of the unit root null hypothesis. A clear increase in the number of rejections of the unit root null hypothesis is found when these structural breaks are included in the model specification.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

Volume (Year): 6 (1999)
Issue (Month): 10 ()
Pages: 687-691

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Handle: RePEc:taf:apeclt:v:6:y:1999:i:10:p:687-691

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Cited by:
  1. Cliff L. F. Attfield & Jonathan R. W. Temple, 2006. "Balanced growth and the great ratios: new evidence for the US and UK," Centre for Growth and Business Cycle Research Discussion Paper Series 75, Economics, The Univeristy of Manchester.
  2. Niels Kemper & Dierk Herzer & Luca Zamparelli, 2011. "Balanced growth and structural breaks: evidence for Germany," Empirical Economics, Springer, Springer, vol. 40(2), pages 409-424, April.
  3. Jonathan Temple & Cliff Attfield, 2004. "Measuring trend growth: how useful are the great ratios?," Money Macro and Finance (MMF) Research Group Conference 2003 101, Money Macro and Finance Research Group.
  4. Hong Li & Vince Daly, 2009. "Testing the balanced growth hypothesis: evidence from China," Empirical Economics, Springer, Springer, vol. 37(1), pages 185-200, September.

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