International Evidence on the Size of the Random Walk in Output
AbstractThis paper contributes three extensions of John H. Cochrane's work on measuring the relative stability of long-term growth. It estimates variance ratios for nine OECD countries over the period 1871-1985, presents an improved approximation to the distribution of the variance ratio, and considers the comovements of long growth cycles across countries. The evidence indicates that the relative stability of long-term growth found by Cochrane is unique to the United States. Relative to the United States, most countries have more variable dynamics at low frequencies and smoother dynamics at frequencies traditionally associated with business cycles. Copyright 1990 by University of Chicago Press.
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Bibliographic InfoArticle provided by University of Chicago Press in its journal Journal of Political Economy.
Volume (Year): 98 (1990)
Issue (Month): 3 (June)
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Web page: http://www.journals.uchicago.edu/JPE/
Other versions of this item:
- Cogley, T., 1989. "International Evidence On The Size Of The Random Walk In Output," Discussion Papers in Economics at the University of Washington 89-02, Department of Economics at the University of Washington.
- Cogley, T., 1989. "International Evidence On The Size Of The Random Walk In Output," Working Papers 89-02, University of Washington, Department of Economics.
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