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Growth Regression and Economic Theory

Author

Listed:
  • Chris Elbers
  • Jan Willem Gunning

    (Faculty of Economics and Business Administration, Vrije Universiteit Amsterdam)

Abstract

In this note we show that the standard, loglinear growth regression specificationis consistent with one and only one model in the class of stochastic Ramsey models. Thismodel is highly restrictive: it requires a Cobb-Douglas technology and a 100% depreciationrate and it implies that risk does not affect investment behavior.

Suggested Citation

  • Chris Elbers & Jan Willem Gunning, 2002. "Growth Regression and Economic Theory," Tinbergen Institute Discussion Papers 02-034/2, Tinbergen Institute.
    • Handle: RePEc:tin:wpaper:20020034
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    File URL: https://papers.tinbergen.nl/02034.pdf
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    References listed on IDEAS

    as
    1. Chris Elbers & Jan Willem Gunning & Bill Kinsey, 2002. "Convergence, Shocks and Poverty," Tinbergen Institute Discussion Papers 02-035/2, Tinbergen Institute.
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    Cited by:

    1. Chris Elbers & Jan Willem Gunning & Lei Pan, 2009. "Insurance and rural welfare: what can panel data tell us?," Applied Economics, Taylor & Francis Journals, vol. 41(24), pages 3093-3101.
    2. Chris Elbers & Jan Willem Gunning & Bill Kinsey, 2007. "Growth and Risk: Methodology and Micro Evidence," The World Bank Economic Review, World Bank Group, vol. 21(1), pages 1-20.

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    More about this item

    Keywords

    economic growth; growth regressions; growth under uncertainty;
    All these keywords.

    JEL classification:

    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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