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Growth Theories and the Persistence of Output Fluctuations: The Case of Austria

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  • 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.)

Abstract

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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Bibliographic Info

Paper provided by Vienna University of Economics, Department of Economics in its series Department of Economics Working Papers with number wuwp060.

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Date of creation: Sep 1998
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Handle: RePEc:wiw:wiwwuw:wuwp060

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Web page: http://www.wu.ac.at/economics/en

Related research

Keywords: Austria; output persistence; endogenous growth; univariate time series analysis;

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References

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  1. Perron, Pierre, 1993. "The HUMP-Shaped Behavior of Macroeconomic Fluctuations," Empirical Economics, Springer, Springer, vol. 18(4), pages 707-27.
  2. John Y. Campbell & N. Gregory Mankiw, 1988. "International Evidence on the Persistence of Economic Fluctuations," NBER Working Papers 2498, National Bureau of Economic Research, Inc.
  3. Kiminiori Matsuyama, 1994. "Complementaries and Cumulative Processes In Models of Monopolistic Competition," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 1106, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  4. Demery, D & Duck, N W, 1992. "Are Economic Fluctuations Really Persistent? A Reinterpretation of Some International Evidence," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 102(414), pages 1094-101, September.
  5. Paul Romer, 1989. "Endogenous Technological Change," NBER Working Papers 3210, National Bureau of Economic Research, Inc.
  6. John Freebairn & Bill Griffiths, 2006. "Introduction," The Economic Record, The Economic Society of Australia, The Economic Society of Australia, vol. 82(s1), pages S1-S1, 09.
  7. Perron, Pierre, 1997. "Further evidence on breaking trend functions in macroeconomic variables," Journal of Econometrics, Elsevier, Elsevier, vol. 80(2), pages 355-385, October.
  8. Azariadis, Costas & Drazen, Allan, 1990. "Threshold Externalities in Economic Development," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 105(2), pages 501-26, May.
  9. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, Econometric Society, vol. 50(6), pages 1345-70, November.
  10. Campbell, John & Mankiw, Gregory, 1987. "Are Output Fluctuations Transitory?," Scholarly Articles 3122545, Harvard University Department of Economics.
  11. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, Elsevier, vol. 22(1), pages 3-42, July.
  12. Paul M Romer, 1999. "Increasing Returns and Long-Run Growth," Levine's Working Paper Archive 2232, David K. Levine.
  13. Evans, Geroge W & Honkapohja, Seppo & Romer, Paul, 1998. "Growth Cycles," American Economic Review, American Economic Association, American Economic Association, vol. 88(3), pages 495-515, June.
  14. Pischke, Jorn-Steffen, 1991. "Measuring persistence in the presence of trend breaks : The case of US GNP," Economics Letters, Elsevier, Elsevier, vol. 36(4), pages 379-384, August.
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Cited by:
  1. Gerlinde Fellner & Matthias Sutter, 2005. "Causes, consequences, and cures of myopic loss aversion - An experimental investigation," Bonn Econ Discussion Papers, University of Bonn, Germany bgse16_2005, University of Bonn, Germany.
  2. Theresa Grafeneder-Weissteiner & Klaus Prettner, 2009. "Agglomeration and population aging in a two region model of exogenous growth," Department of Economics Working Papers, Vienna University of Economics, Department of Economics wuwp125, Vienna University of Economics, Department of Economics.
  3. Aleksandra Riedl & Silvia Rocha-Akis, 2007. "Testing the tax competition theory: How elastic are national tax bases in western Europe?," Department of Economics Working Papers, Vienna University of Economics, Department of Economics wuwp112, Vienna University of Economics, Department of Economics.
  4. Engelbert Stockhammer & Paul Ramskogler, 2007. "Uncertainty and exploitation in history," Department of Economics Working Papers, Vienna University of Economics, Department of Economics wuwp104, Vienna University of Economics, Department of Economics.
  5. Engelbert Stockhammer & Paul Ramskogler, 2008. "Post Keynesian economics - how to move forward," Department of Economics Working Papers, Vienna University of Economics, Department of Economics wuwp124, Vienna University of Economics, Department of Economics.
  6. Özlem Onaran, 2007. "International financial markets and fragility in the Eastern Europe: "can it happen" here?," Department of Economics Working Papers, Vienna University of Economics, Department of Economics wuwp108, Vienna University of Economics, Department of Economics.
  7. Theresa Grafeneder-Weissteiner, 2010. "Demographic change, growth and agglomeration," Department of Economics Working Papers, Vienna University of Economics, Department of Economics wuwp132, Vienna University of Economics, Department of Economics.
  8. Pasquale Commendatore & Ingrid Kubin & Carmelo Petraglia, 2007. "Footloose capital and productive public services," Department of Economics Working Papers, Vienna University of Economics, Department of Economics wuwp111, Vienna University of Economics, Department of Economics.
  9. Annemarie Steidl & Engelbert Stockhammer, 2007. "Coming and leaving. Internal mobility in late Imperial Austria," Department of Economics Working Papers, Vienna University of Economics, Department of Economics wuwp107, Vienna University of Economics, Department of Economics.

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