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The Empirics of Economic Growth Over Time and Across Nations: A Unified Growth Perspective

Author

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  • Cervellati, Matteo
  • Meyerheim, Gerrit
  • Sunde, Uwe

Abstract

This research develops an expanded unified growth theory that incorporates the endogenous accumulation of physical capital, population, human capital, and technology. The model incorporates a complementarity between physical capital and human capital and can be extended to a multi-country setting with international technology diffusion. The analytical characterization of the mechanisms behind the observed patterns of long-run growth and comparative development delivers a consistent explanation for a large set of seemingly unrelated empirical facts. A quantitative multi-country version of the model matches various empirical regularities of long-run growth dynamics and comparative development patterns that have previously been studied in isolation. The findings also shed new light on the role of the demographic transition for convergence patterns, the specification of cross-country growth regressions, technology spillovers, and the secular stagnation debate.

Suggested Citation

  • Cervellati, Matteo & Meyerheim, Gerrit & Sunde, Uwe, 2023. "The Empirics of Economic Growth Over Time and Across Nations: A Unified Growth Perspective," CEPR Discussion Papers 18057, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:18057
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    2. Sylvain Dessy & Francesca Marchetta & Roland Pongou & Luca Tiberti, 2024. "Women’s Relative Earning Power and Fertility: Evidence from Climate Shocks in Rural Madagascar," Working Papers - Economics wp2024_14.rdf, Universita' degli Studi di Firenze, Dipartimento di Scienze per l'Economia e l'Impresa.
    3. Galor, Oded, 2024. "Unified Growth Theory: Engines of Growth and Inequality in the Wealth of Nations," IZA Discussion Papers 17491, Institute of Labor Economics (IZA).
    4. Dozie Okoye & Roland Pongou, 2024. "Missions, fertility transition, and the reversal of fortunes: evidence from border discontinuities in the emirates of Nigeria," Journal of Economic Growth, Springer, vol. 29(2), pages 251-325, June.
    5. Chavas, Jean-Paul, 2024. "Economic resilience:Measurement and assessment across time and space," Research in Economics, Elsevier, vol. 78(2).
    6. Carmen Camacho & Weihua Ruan & Benteng Zou, 2025. "Limited factors and why optimal growth has led to destruction," PSE Working Papers halshs-04879533, HAL.
    7. Veselov, Dmitry & Yarkin, Alexander, 2024. "Lobbying for Industrialization: Theory and Evidence," IZA Discussion Papers 17045, Institute of Labor Economics (IZA).
    8. Cervellati, Matteo & Meyerheim, Gerrit & Sunde, Uwe, 2023. "Human capital and the diffusion of technology," Economics Letters, Elsevier, vol. 226(C).
    9. Oded Galor, 2024. "Unified Growth Theory: Roots of Growth and Inequality in the Wealth of Nations," NBER Working Papers 33288, National Bureau of Economic Research, Inc.
    10. Fernández-Villaverde, Jesús & Delventhal, Matthew J. & Guner, Nezih, 2021. "Demographic Transitions Across Time and Space," CEPR Discussion Papers 16708, C.E.P.R. Discussion Papers.

    More about this item

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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