An extension to the neoclassical growth modelto Estimate Growth and Level Effects
The neoclassical growth model was extended by Mankiw, Romer and Weil (1992) to estimate the level effects of additional factors like human capital. We suggest a further extension to capture their permanent growth effects. Time series data from Fiji are used to show that the growth effect of human capital, although small, is significant. Furthermore, in our sample the specifications with a permanent growth effect performed better than specifications with only level effects.
|Date of creation:||2006|
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"Distributions of Error Correction Tests for Cointegration,"
Econometric Society World Congress 2000 Contributed Papers
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in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 8, pages 555-677
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