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Is There Endogenous Long-Run Growth? Evidence Based on an Error Correction Model

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  • Lau, S.-H. P.

Abstract

A major empirical interest in growth studies is whether a permanent change in economic fundamentals affects the long-run growth rate. However, a direct time series analysis of this hypothesis may not always be feasible because the permanence of many such changes is rather questionable. This paper explains why testing the long-run effect of a temporary change in investment share per capita output provides indirectly the answer regarding the effect of a (possibly hypothetical) permanent change in investments share, when output and investment are cointegrated.

Suggested Citation

  • Lau, S.-H. P., 1999. "Is There Endogenous Long-Run Growth? Evidence Based on an Error Correction Model," Papers 9900, Michigan State - Econometrics and Economic Theory.
  • Handle: RePEc:fth:mistet:9900
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    Keywords

    ECONOMIC MODELS ; ECONOMIC GROWTH ; INVESTMENTS;

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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