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Economic Growth under Stochastic Population and Pollution Shocks

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  • Théophile Azomahou

    (BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique, UNU-MERIT - UNU-MERIT - United Nations University - Maastricht University, Maastricht University [Maastricht])

  • Tapas Mishra

    (Swansea University)

  • Mamata Parhi

    (Swansea University)

Abstract

We study dynamics of interactions among economic growth, population, and environmental quality when stochastic shocks in these systems display long-memory property. We make two important contributions. First, we show that the long-memory persistence in economic growth is determined jointly by the convergence speed of shocks in both environmental quality and population. Second, by simulating a modified Solow-Swan economy we demonstrate that the convergence-speed of shocks in these systems significantly affects the long-run growth trajectory of output. Our empirical examination evince that adjustment of output to long-run equilibrium is very slow, thanks to the slowly dissipating population and pollution shocks.

Suggested Citation

  • Théophile Azomahou & Tapas Mishra & Mamata Parhi, 2015. "Economic Growth under Stochastic Population and Pollution Shocks," Post-Print hal-01736166, HAL.
    • Handle: RePEc:hal:journl:hal-01736166
    DOI: 10.1111/manc.12062
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    Cited by:

    1. is not listed on IDEAS
    2. Simone Marsiglio, 2017. "A simple endogenous growth model with endogenous fertility and environmental concern," Scottish Journal of Political Economy, Scottish Economic Society, vol. 64(3), pages 263-282, July.
    3. Mustafa Akan, 2016. "Sustainability, Consumption, And Technology," Copernican Journal of Finance & Accounting, Uniwersytet Mikolaja Kopernika, vol. 5(2), pages 9-25.

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