Growth Regression and Economic Theory

In this note we show that the standard, loglinear growth regression specificationis consistent with one and only one model in the class of stochastic Ramsey models. Thismodel is highly restrictive: it requires a Cobb-Douglas technology and a 100% depreciationrate and it implies that risk does not affect investment behavior.

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Year of publication:	2002
Authors:	Elbers, Chris ; Gunning, Jan Willem
Publisher:	Amsterdam and Rotterdam : Tinbergen Institute
Subject:	Wachstumstheorie \| Regression \| Wissenschaftliche Methode \| Theorie \| economic growth \| growth regressions \| growth under uncertainty

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Series:	Tinbergen Institute Discussion Paper ; 02-034/2
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	834702827 [GVK] hdl:10419/85820 [Handle] RePEc:dgr:uvatin:20020034 [RePEc]
Classification:	O4 - Economic Growth and Aggregate Productivity ; D91 - Intertemporal Consumer Choice; Life Cycle Models and Saving
Source:	EconStor

Persistent link: https://www.econbiz.de/10010324792