Christian Ragacs () (Department of Economics, Vienna University of Economics & B.A.) Thomas Steinberger (European University Institute, Florence) Martin Zagler () (Department of Economics, Vienna University of Economics & B.A.)
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The paper analyses the degree of output persistence in GDP in order to empirically discriminate between the Solow growth model, the perfect competition endogenous growth model, the imperfect competition endogenous growth model, and the subcase of a multiple equilibria model of endogenous growth for the case of Austria. We find that a temporary shock in the growth rate of output induces a permanent and larger effect on the level of GDP. This leads us to refute the Solow growth model and the perfect competition model. We find strong empirical support for the imperfect competition growth model, but cannot fully rule out the possibility of multiple equilibria growth rates.
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Paper provided by Vienna University of Economics and B.A., Department of Economics in its series Department of Economics Working Papers with number
wuwp060.
Find related papers by JEL classification: C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
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[Downloadable!] (restricted)
Other versions:
Paul Romer & George Evans & Seppo Hokapohja, .
"Growth Cycles,"
Home Pages
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[Downloadable!]
George Evans & Seppo Honkapohja & Paul Romer, 1996.
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NBER Working Papers
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