Is Growth Exogenous? Taking Mankiw, Romer, and Weil Seriously
In: NBER Macroeconomics Annual 2001, Volume 16
AbstractIs long-run economic growth exogenous? To address this question, we show that the empirical framework of Mankiw, Romer, and Weil (1992) can be extended to test any growth model that admits a balanced growth path; and we use that framework both to revisit variants of the Solow growth model and to evaluate simple alternative models of endogenous growth. To allow for the possibility that economies in our sample are not on their balanced growth paths, we also study the cross-sectional behavior of TFP growth, which we estimate using alternative measures of labor's share. Our broad conclusion, based on both model estimation and growth accounting, is that long-run growth is significantly correlated with behavioral variables such as the savings rate, and that this correlation is not easily explained by models in which growth is treated as the exogenous variable. Hence, future empirical studies should focus on models that exhibit endogenous growth.
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Other versions of this item:
- Ben S. Bernanke & Refet S. Gurkaynak, 2001. "Is Growth Exogenous? Taking Mankiw, Romer and Weil Seriously," NBER Working Papers 8365, National Bureau of Economic Research, Inc.
- O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Ignore the armchair economists, Osborne's plan is sensible
by Michael Ben-Gad, Professor of Economics at City University London in The Conversation on 2013-12-05 15:59:46
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