A major empirical interest in growth studies is whether a permanent change in economic fundamentals affects the long-run growth rate. However, a direct time series analysis of this hypothesis may not always be feasible because the permanence of many such changes is rather questionable. This paper explains why testing the long-run effect of a temporary change in investment share per capita output provides indirectly the answer regarding the effect of a (possibly hypothetical) permanent change in investments share, when output and investment are cointegrated.
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Paper provided by Michigan State - Econometrics and Economic Theory in its series Papers with number
9900.
Length: 32 pages Date of creation: 1999 Date of revision: Handle: RePEc:fth:mistet:9900
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