Auray, Stéphane; Eyquem, Aurélien; Jouneau-Sion, … - In: Computational Statistics & Data Analysis 76 (2014) C, pp. 76-94
An annual sequence of wages in England starting in 1245 is used. It is shown that a standard AK-type growth model with capital externality and stochastic productivity shocks is unable to explain important features of the data. Random returns to scale are then considered. Moderate episodes of...