Is There Endogenous Long-Run Growth? Evidence Based on an Error Correction Model
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.
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|Date of creation:||1999|
|Date of revision:|
|Contact details of provider:|| Postal: MICHIGAN STATE UNIVERSITY, DEPARTMENT OF ECONOMICS, EAST LANSING MICHIGAN 48824 U.S.A.|
Web page: http://econ.msu.edu/
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