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More Lessons from Taking an AK Model to the Data

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Author Info
João Ejarque (University of Essex)
Ana Balcão Reis (Universidade Nova de Lisboa)

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Abstract

We take an AK model to the PWT data. In the model both technology (intratemporal) and investment (intertemporal) shocks determine the variation of the growth rate. In earlier work we looked at singular models where we extracted only the technology shock using the policy functions from dynamic optimality. Here we recover time series for both shocks for a panel of countries and we isolate what we believe are pervasive patterns in macroeconomic models and postwar data: a negative correlation between intra and intertemporal shocks, and a somewhat lesser role for the intertemporal shock.

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File URL: http://www.econ.ku.dk/Research/Publications/pink/2003/0337.pdf
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Publisher Info
Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 03-37.

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Length: 29 pages + tables
Date of creation: Sep 2003
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Handle: RePEc:kud:kuiedp:0337

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Related research
Keywords: endogenous growth; technology shocks; investment shocks;

Find related papers by JEL classification:
E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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