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A Simple Time Series Test of Endogenous vs. Exogenous Growth Models: An Application to the United States

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Author Info
Kocherlakota, Narayana R
Yi, Kei-Mu

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Abstract

This paper presents evidence supporting endogenous growth models that emphasize public structural capital. The authors apply a simple test of endogenous vs. exogenous growth models. In exogenous growth economies temporary innovations to policy variables lead only to temporary changes in GNP levels, while in endogenous growth economies the innovations can lead to permanent changes in GNP levels. Of the seven U.S. policy variables they examine, only non-military equipment capital and non-military structural capital have a statistically and economically significant effect upon long-run GNP levels. Further estimation suggests that the non-military equipment capital result is not robust and that several disaggregate components of structural capital contribute significantly. Copyright 1996 by MIT Press.

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Publisher Info
Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 78 (1996)
Issue (Month): 1 (February)
Pages: 126-34
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Handle: RePEc:tpr:restat:v:78:y:1996:i:1:p:126-34

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  1. Funke, Michael & Ruhwedel, Ralf, 2000. "Product Variety and Economic Growth - Empirical Evidence for the OECD Countries," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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  2. Rao, B. Bhaskara, 2007. "Estimates of the steady state growth rates for selected Asian countries with an endogenous growth framework," MPRA Paper 2389, University Library of Munich, Germany, revised 15 May 2007. [Downloadable!]
  3. Ronaldo A. Arraes & Vladimir Kühl Teles, 2003. "Differences in Long Run Growth Path Between Latin American and Developed Countries: Empirical Evidences," Anais do XXXI Encontro Nacional de Economia [Proceedings of the 31th Brazilian Economics Meeting] c10, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics]. [Downloadable!]
  4. Stefania Villa, 2005. "Determinants of growth in Italy. A time series analysis," Quaderni DSEMS 24-2005, Dipartimento di Scienze Economiche, Matematiche e Statistiche, Universita' di Foggia. [Downloadable!]
  5. Poot, Jacques, 1999. "A meta-analytic study of the role of government in long-run economic growth," ERSA conference papers ersa99pa171, European Regional Science Association. [Downloadable!]
  6. Christian Broda & Joshua Greenfield & David Weinstein, 2006. "From Groundnuts to Globalization: A Structural Estimate of Trade and Growth," NBER Working Papers 12512, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. John G. Fernald, 1999. "Roads to Prosperity? Assessing the Link between Public Capital and Productivity," American Economic Review, American Economic Association, vol. 89(3), pages 619-638, June. [Downloadable!] (restricted)
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  8. M E Haque & D H Kim, 2003. "Public Investment in Transportation and Communication and Growth:A Dynamic Panel Approach," Centre for Growth and Business Cycle Research Discussion Paper Series 31, Economics, The Univeristy of Manchester. [Downloadable!]
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  9. Daniel G. Swaine, 1999. "Is the U.S. economy characterized by endogenous growth?: a time-series test of two stochastic growth models," Working Papers 99-9, Federal Reserve Bank of Boston. [Downloadable!]
  10. Basu, Parantap & Gillman, Max & Pearlman, Joseph, 2009. "Inflation, Human Capital and Tobin's q," Cardiff Economics Working Papers E2009/16, Cardiff University, Cardiff Business School, Economics Section. [Downloadable!]
  11. Simón Sosvilla-Rivero & Javier Alonso Meseguer, . "Estimación de una función de producción MRW para la Economía Española, 1910-1995," Studies on the Spanish Economy 197, FEDEA. [Downloadable!]
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  12. A. Scorcu, 2002. "On the Time Stability of the Output-Capital Ratio," Working Papers 434, Dipartimento Scienze Economiche, Universita' di Bologna. [Downloadable!]
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  13. David Alan Aschauer, . "How Big Should the Public Capital Stock Be? The Relationship Between Public Capital and Economic Growth," Economics Public Policy Brief Archive 43, Levy Economics Institute, The. [Downloadable!]
  14. Jochen Hartwig, 2009. "A panel Granger-causality test of endogenous vs. exogenous growth," KOF Working papers 09-231, KOF Swiss Economic Institute, ETH Zurich. [Downloadable!]
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