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History versus expectations: test of new growth theory

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  • Jati Sengupta
  • Kumiko Okamura

Abstract

Which of the two forces, past history or future expectations, plays a more dominant role in economic growth? This hypothesis is econometrically tested here for Japan over the period 1965-90 and the evidence suggests a more dominant role for the forward looking expectations.

Suggested Citation

  • Jati Sengupta & Kumiko Okamura, 1995. "History versus expectations: test of new growth theory," Applied Economics Letters, Taylor & Francis Journals, vol. 2(12), pages 491-494.
    • Handle: RePEc:taf:apeclt:v:2:y:1995:i:12:p:491-494
    DOI: 10.1080/135048595356952
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    References listed on IDEAS

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    1. Paul Krugman, 1991. "History versus Expectations," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 106(2), pages 651-667.
    2. Kennan, John, 1979. "The Estimation of Partial Adjustment Models with Rational Expectations," Econometrica, Econometric Society, vol. 47(6), pages 1441-1455, November.
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    Cited by:

    1. Bloom, David E & Canning, David & Sevilla, Jaypee, 2003. "Geography and Poverty Traps," Journal of Economic Growth, Springer, vol. 8(4), pages 355-378, December.
    2. Andreas Schäfer & Thomas Steger, 2014. "Journey into the Unknown? Economic Consequences of Factor Market Integration under Increasing Returns to Scale," Review of International Economics, Wiley Blackwell, vol. 22(4), pages 783-807, September.
    3. Jürgen Jerger, 2013. "Institutionen und historische Grenzen," Working Papers 336, Leibniz Institut für Ost- und Südosteuropaforschung (Institute for East and Southeast European Studies).

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