The Harrod-Balassa-Samuelson Effect: A Survey of Empirical Evidence
The paper surveys empirical evidence on the Harrod-Balassa-Samuelson effect. The survey encompasses the published empirical work on the phenomenon since its (re)discovery in 1964. In total, 58 empirical papers are examined within a specialized analytical framework. The body of empirical evidence is synthesized through four major elements. The analysis starts with the ongoing controversy related to the name of the theory. This is followed by a presentation of the evolution of the theoretical and econometric model. It ends with an analysis of the results of the surveyed empirical studies. Results of the survey indicate that growing body of evidence definitely points towards professional rethinking about the significance of the Harrod-Balassa-Samuelson effect.
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- Bela Balassa, 1964. "The Purchasing-Power Parity Doctrine: A Reappraisal," Journal of Political Economy, University of Chicago Press, vol. 72, pages 584.
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- Arratibel, Olga & Rodriguez-Palenzuela, Diego & Thimann, Christian, 2002. "Inflation dynamics and dual inflation in accession countries: a 'New Keynesian' perspective," Working Paper Series 0132, European Central Bank.
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