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The Empirics of Economic Growth Over Time and Across Nations: A Unified Growth Perspective

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  • Sunde, Uwe
  • Cervellati, Matteo
  • Meyerheim, Gerrit

Abstract

This research develops an expanded unified growth theory that incorporates the endogenous accumulation of physical capital, population, human capital, and technology. The model incorporates a complementarity between physical capital and human capital and can be extended to a multi-country setting with international technology diffusion. The analytical characterization of the mechanisms behind the observed patterns of long-run growth and comparative development delivers a consistent explanation for a large set of seemingly unrelated empirical facts. A quantitative multi-country version of the model matches various empirical regularities of long-run growth dynamics and comparative development patterns that have previously been studied in isolation. The findings also shed new light on the role of the demographic transition for convergence patterns, the specification of cross-country growth regressions, technology spillovers, and the secular stagnation debate.

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  • Sunde, Uwe & Cervellati, Matteo & Meyerheim, Gerrit, 2023. "The Empirics of Economic Growth Over Time and Across Nations: A Unified Growth Perspective," CEPR Discussion Papers 18057, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:18057
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    Cited by:

    1. Cervellati, Matteo & Meyerheim, Gerrit & Sunde, Uwe, 2023. "Human capital and the diffusion of technology," Economics Letters, Elsevier, vol. 226(C).
    2. Fernández-Villaverde, Jesús & Delventhal, Matthew J. & Guner, Nezih, 2021. "Demographic Transitions Across Time and Space," CEPR Discussion Papers 16708, C.E.P.R. Discussion Papers.

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    More about this item

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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