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Article: Observational equivalence and a stochastic cointegration test of the neoclassical and Romer's increasing returns models
Title | Observational equivalence and a stochastic cointegration test of the neoclassical and Romer's increasing returns models |
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Authors | |
Keywords | Endogenous Growth Stochastic Cointegration |
Issue Date | 1997 |
Publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/ecmod |
Citation | Economic Modelling, 1997, v. 14 n. 1, p. 39-60 How to Cite? |
Abstract | In this paper, we suggest a time series test based on the idea of stochastic cointegration to compare endogenous growth models with those based on exogenous technological progress, and apply it to the neoclassical and Romer's models. First, the non-stationarity and cointegration implications under these two models are derived. They provide the basis for an examination of the phenomenon of observational equivalence and for empirical analysis. We then apply the test to the data of Japan, UK and USA. Empirical results suggest that in each country, there is (are) missing unit root process(es) in the production technology and further investigation is needed to understand the mechanics of economic growth. |
Persistent Identifier | http://hdl.handle.net/10722/177664 |
ISSN | 2023 Impact Factor: 4.2 2023 SCImago Journal Rankings: 1.335 |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
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dc.contributor.author | Lau, SHP | en_US |
dc.contributor.author | Sin, CY | en_US |
dc.date.accessioned | 2012-12-19T09:39:28Z | - |
dc.date.available | 2012-12-19T09:39:28Z | - |
dc.date.issued | 1997 | en_US |
dc.identifier.citation | Economic Modelling, 1997, v. 14 n. 1, p. 39-60 | en_US |
dc.identifier.issn | 0264-9993 | en_US |
dc.identifier.uri | http://hdl.handle.net/10722/177664 | - |
dc.description.abstract | In this paper, we suggest a time series test based on the idea of stochastic cointegration to compare endogenous growth models with those based on exogenous technological progress, and apply it to the neoclassical and Romer's models. First, the non-stationarity and cointegration implications under these two models are derived. They provide the basis for an examination of the phenomenon of observational equivalence and for empirical analysis. We then apply the test to the data of Japan, UK and USA. Empirical results suggest that in each country, there is (are) missing unit root process(es) in the production technology and further investigation is needed to understand the mechanics of economic growth. | en_US |
dc.language | eng | en_US |
dc.publisher | Elsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/ecmod | en_US |
dc.relation.ispartof | Economic Modelling | en_US |
dc.subject | Endogenous Growth | en_US |
dc.subject | Stochastic Cointegration | en_US |
dc.title | Observational equivalence and a stochastic cointegration test of the neoclassical and Romer's increasing returns models | en_US |
dc.type | Article | en_US |
dc.identifier.email | Lau, SHP: laushp@hkucc.hku.hk | en_US |
dc.identifier.authority | Lau, SHP=rp01073 | en_US |
dc.description.nature | link_to_subscribed_fulltext | en_US |
dc.identifier.doi | 10.1016/S0264-9993(96)01019-X | - |
dc.identifier.scopus | eid_2-s2.0-0030639867 | en_US |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-0030639867&selection=ref&src=s&origin=recordpage | en_US |
dc.identifier.volume | 14 | en_US |
dc.identifier.issue | 1 | en_US |
dc.identifier.spage | 39 | en_US |
dc.identifier.epage | 60 | en_US |
dc.identifier.isi | WOS:A1997WC94800003 | - |
dc.publisher.place | Netherlands | en_US |
dc.identifier.scopusauthorid | Lau, SHP=7401596159 | en_US |
dc.identifier.scopusauthorid | Sin, CY=7003505871 | en_US |
dc.identifier.issnl | 0264-9993 | - |