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Augmented Neoclassical Growth Model : A Replication over the 1960-2000 Period (Genisletilmis Neoklasik B�y�me Modeli: 1960-2000 D�nemi I�in Bir Replikasyon)

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  • Bulent Ulasan

Abstract

This paper empirically revisits the augmented neoclassical growth model suggested by Mankiw, Romer and Weil (1992, MRW) to answer whether this model is still an appropriate benchmark specification for investigating the relationship between long run economic growth and any particular growth theory for the sample period 1960-2000. For this I replicate MRW using updated and revised data for several samples, and compare my findings with those obtained by MRW. My findings are consistent with the theory and support the results of MRW. I obtain more reasonable coefficient estimates on capital shares. I also check for geographical differences and for outlying countries. I conclude that the inclusion of continental dummy variables does not change the basic results and any outlier effects are small.

Suggested Citation

  • Bulent Ulasan, 2011. "Augmented Neoclassical Growth Model : A Replication over the 1960-2000 Period (Genisletilmis Neoklasik B�y�me Modeli: 1960-2000 D�nemi I�in Bir Replikasyon)," Working Papers 1101, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    • Handle: RePEc:tcb:wpaper:1101
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    More about this item

    Keywords

    Economic Growth; Cross-Country Growth Regression; Conditional Convergence; Outliers.;
    All these keywords.

    JEL classification:

    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • 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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