Showing 1 - 10 of 2,089
to underestimate of the rates of growth of real GDP, real personal income, and productivity. That underestimation is … recent slowdown in measured productivity but that subject is discussed briefly …
Persistent link: https://www.econbiz.de/10012959380
economic growth into capital-deepening and productivity components, to a more complex account of the growth process. In the … more complex account, capital and productivity interact, both are endogenous, and quality change in inputs and output … matters. New developments in micro-level productivity analysis are also reviewed, and the long-standing question of net versus …
Persistent link: https://www.econbiz.de/10013156417
the capital stock, and the increase of multifactor productivity. I calculate a likely growth rate of 2.6 percent a year …
Persistent link: https://www.econbiz.de/10013148647
Starting from the same level of productivity and per-capita income as the United States in the mid-nineteenth century … productivity has almost converged, its income per person has leveled off at about three-quarters of America's. How could Europe be …
Persistent link: https://www.econbiz.de/10013246516
In this paper, we examine the changes in per-capita income and productivity from 1700 to modern times, and show four …
Persistent link: https://www.econbiz.de/10013221862
In an 80-country panel since the 1960s, the convergence rate for per capita GDP is around 1.7% per year. This "beta … "iron-law" rate of 2%. In the post-1960s panel, estimation without country fixed effects supports the modernization … long-term panel with country fixed effects also supports modernization, in the sense of positive effects of per capita GDP …
Persistent link: https://www.econbiz.de/10013101830
A sleepy consensus has emerged that U.S. GNP data are uninformative as to whether trend is better described as deterministic or stochastic. Although the distinction is not critical in some contexts, it is important for point forecasting, because the two models imply very different long-run...
Persistent link: https://www.econbiz.de/10013310221
This paper suggests that the relevant question concerning unit root' in the U.S. real GNP time series pertains to the relative importance of difference-stationary and trend-stationary components. Various analytical approaches indicate than an accurate answer is not obtainable with existing data....
Persistent link: https://www.econbiz.de/10013224193
We use the revised estimates of U.S. GNP constructed by Christina Romer (1989) to assess the time-series properties of U.S. output per capita over the past century. We reject at conventional significance levels the null that output is a random walk in favor of the alternative that output is a...
Persistent link: https://www.econbiz.de/10013224961
It has been suggested that existing estimates of the long-run impact of a surprise move in income may have a substantial upward bias due to the presence of a trend break in post war U.S. GNP data. This paper shows that the statistical evidence does not warrant abandoning the no trend null...
Persistent link: https://www.econbiz.de/10013228038