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Article: Observational equivalence and a stochastic cointegration test of the neoclassical and Romer's increasing returns models

TitleObservational equivalence and a stochastic cointegration test of the neoclassical and Romer's increasing returns models
Authors
KeywordsEndogenous Growth
Stochastic Cointegration
Issue Date1997
PublisherElsevier 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?
AbstractIn 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 Identifierhttp://hdl.handle.net/10722/177664
ISSN
2015 Impact Factor: 0.997
2015 SCImago Journal Rankings: 0.815
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorLau, SHPen_US
dc.contributor.authorSin, CYen_US
dc.date.accessioned2012-12-19T09:39:28Z-
dc.date.available2012-12-19T09:39:28Z-
dc.date.issued1997en_US
dc.identifier.citationEconomic Modelling, 1997, v. 14 n. 1, p. 39-60en_US
dc.identifier.issn0264-9993en_US
dc.identifier.urihttp://hdl.handle.net/10722/177664-
dc.description.abstractIn 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.languageengen_US
dc.publisherElsevier BV. The Journal's web site is located at http://www.elsevier.com/locate/ecmoden_US
dc.relation.ispartofEconomic Modellingen_US
dc.subjectEndogenous Growthen_US
dc.subjectStochastic Cointegrationen_US
dc.titleObservational equivalence and a stochastic cointegration test of the neoclassical and Romer's increasing returns modelsen_US
dc.typeArticleen_US
dc.identifier.emailLau, SHP: laushp@hkucc.hku.hken_US
dc.identifier.authorityLau, SHP=rp01073en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1016/S0264-9993(96)01019-X-
dc.identifier.scopuseid_2-s2.0-0030639867en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-0030639867&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume14en_US
dc.identifier.issue1en_US
dc.identifier.spage39en_US
dc.identifier.epage60en_US
dc.identifier.isiWOS:A1997WC94800003-
dc.publisher.placeNetherlandsen_US
dc.identifier.scopusauthoridLau, SHP=7401596159en_US
dc.identifier.scopusauthoridSin, CY=7003505871en_US

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