Using Panel Data to Evaluate Growth Theories
This paper formulates a method for using panel data to compare endogenous growth theories that predict cross-country differences in trend growth rates with exogenous growth models that predict parallel balanced growth paths. Using this method, the paper rejects theories that predict even small differences in trend growth rates for a sample of rich countries and a sample of countries with well-educated populations. Exogenous growth theories may thus characterize the growth experiences of these countries. By contrast, the paper cannot reject theories that predict widely different trend growth rates for a sample of countries with poorly educated populations. Copyright 1998 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
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Volume (Year): 39 (1998)
Issue (Month): 2 (May)
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