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Structural Breaks In An Endogenous Growth Model
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Book Synopsis Structural Breaks in an Endogenous Growth Model by : Timothy Cogley
Download or read book Structural Breaks in an Endogenous Growth Model written by Timothy Cogley and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the effects of parameter uncertainty prompted by structural breaks. In our model, agents respond differently to uncertainty prompted by regime shifts in shock processes than they react to comparable perceived increases in shock volatility. The magnitude of the response to an increase in uncertainty about TFP associated with a structural break is greater than that of a response to a comparable perceived rise in volatility. This is because lifetime utility varies more when shocks shift beliefs and perceived wealth.
Book Synopsis Cycles, Growth and Structural Change by : Lionello F Punzo
Download or read book Cycles, Growth and Structural Change written by Lionello F Punzo and published by Routledge. This book was released on 2003-09-02 with total page 415 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume gathers together key new contributions on the subject of the relationship, both empirical and theoretical, between economic oscillations, growth and structural change. Employing a sophisticated level of mathematical modelling, the collection contains articles from, amongst others, William Baumol, Katsuhito Iwai and William Brock.
Book Synopsis Characterizing Economic Growth Paths Based on New Structural Change Tests by : Nuno Sobreira
Download or read book Characterizing Economic Growth Paths Based on New Structural Change Tests written by Nuno Sobreira and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the prevalent topics in the economic growth literature is the debate between neoclassical, semi-endogenous, and endogenous growth theories regarding the model that best describes the data. An important part of this discussion can be summarized in three mutually exclusive hypotheses: the “constant trend,” the “level shift,” and the “slope shift” hypotheses. In this article we propose the characterization of a country's economic growth path according to these break hypotheses. We address the problem in two steps. First, the number and timing of trend breaks is determined using new structural change tests that are robust to the presence, or not, of unit roots, surpassing technical and methodological concerns of previous empirical studies. Second, conditional on the estimated number of breaks and break dates, a statistical framework is introduced to test for general linear restrictions on the coefficients of the suggested linear disjoint broken trend model. We further show how the aforementioned hypotheses, regarding the economic growth path, can be analyzed by a test of linear restrictions on the parameters of the breaking trend model. We apply the methodology to historical per capita gross domestic product for an extensive list of countries. The results support the three alternative hypotheses for different sets of countries.
Book Synopsis Is the U.S. Economy Characterized by Endogenous Growth? by : Daniel G. Swaine
Download or read book Is the U.S. Economy Characterized by Endogenous Growth? written by Daniel G. Swaine and published by . This book was released on 1999 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Endogenous Growth Theory by : Philippe Aghion
Download or read book Endogenous Growth Theory written by Philippe Aghion and published by MIT Press. This book was released on 1998 with total page 720 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Problems and solutions by Cecilia Garcâia-Peänalosa in collaboration with Jan Boone, Chol-Won Li, and Lucy White." Includes bibliographical references (p. [665]-687) and index.
Book Synopsis Structural Breaks and Finance-Driven Growth Hypothesis in ECOWAS by : Dr. Olusegun A. Omisakin
Download or read book Structural Breaks and Finance-Driven Growth Hypothesis in ECOWAS written by Dr. Olusegun A. Omisakin and published by . This book was released on 2015 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study makes a cross sectional case in investigating the validity, or otherwise, of the finance-driven growth hypothesis in the ECOWAS countries using annual data from 1970 to 2008 for seven countries namely: Burkina Faso, Cote d'Ivoire, The Gambia, Ghana, Nigeria, Senegal and Togo. In contrast to earlier studies on developing countries, this study specifically tests for the possibility of structural breaks/regime shifts in the finance-growth long run relationship by employing the Gregory and Hansen (1996) residual based test which accounts for endogenous structural break. While the Gregory-Hansen structural break cointegration result confirms the existence of cointegration relationships among the selected countries despite the breakpoints, the Granger-causality test result indicates a general pattern of causality running from financial development to economic growth in most of the countries. Also, the striking feature of the result of our estimated growth model generally lends credent to the importance of financial development in explaining growth dynamics among the selected countries, thus reinforcing the finance-driven growth hypothesis.
Book Synopsis Learning and Expectations in Macroeconomics by : George W. Evans
Download or read book Learning and Expectations in Macroeconomics written by George W. Evans and published by Princeton University Press. This book was released on 2012-01-06 with total page 440 pages. Available in PDF, EPUB and Kindle. Book excerpt: A crucial challenge for economists is figuring out how people interpret the world and form expectations that will likely influence their economic activity. Inflation, asset prices, exchange rates, investment, and consumption are just some of the economic variables that are largely explained by expectations. Here George Evans and Seppo Honkapohja bring new explanatory power to a variety of expectation formation models by focusing on the learning factor. Whereas the rational expectations paradigm offers the prevailing method to determining expectations, it assumes very theoretical knowledge on the part of economic actors. Evans and Honkapohja contribute to a growing body of research positing that households and firms learn by making forecasts using observed data, updating their forecast rules over time in response to errors. This book is the first systematic development of the new statistical learning approach. Depending on the particular economic structure, the economy may converge to a standard rational-expectations or a "rational bubble" solution, or exhibit persistent learning dynamics. The learning approach also provides tools to assess the importance of new models with expectational indeterminacy, in which expectations are an independent cause of macroeconomic fluctuations. Moreover, learning dynamics provide a theory for the evolution of expectations and selection between alternative equilibria, with implications for business cycles, asset price volatility, and policy. This book provides an authoritative treatment of this emerging field, developing the analytical techniques in detail and using them to synthesize and extend existing research.
Book Synopsis Consumption Structure and Macroeconomics by : Reto Foellmi
Download or read book Consumption Structure and Macroeconomics written by Reto Foellmi and published by Springer Science & Business Media. This book was released on 2006-03-30 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a novel perspective that allows to incorporate changing consumption and production structure into models of economic growth. Starting from the empirical observation that income and consumption structure are closely related, it develops a tractable theoretical framework which enables to analyze macroeconomic models consistent with these empirical facts. As a result, central macroeconomic phenomena are better understood: the reasons behind long-run growth, structural change, and the influence of inequality on innovations and growth.
Book Synopsis Endogenous Growth Theory by : Philippe Aghion
Download or read book Endogenous Growth Theory written by Philippe Aghion and published by MIT Press. This book was released on 1997-12-24 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whereas other books on endogenous growth stress a particular aspect, such as trade or convergence, this book provides a comprehensive survey of the theoretical and empirical debates raised by modern growth theory. Advanced economies have experienced a tremendous increase in material well- being since the industrial revolution. Modern innovations such as personal computers, laser surgery, jet airplanes, and satellite communication have made us rich and transformed the way we live and work. But technological change has also brought with it a variety of social problems. It has been blamed at various times for increasing wage and income inequality, unemployment, obsolescence of physical and human capital, environmental deterioration, and prolonged recessions. To understand the contradictory effects of technological change on the economy, one must delve into structural details of the innovation process to analyze how laws, institutions, customs, and regulations affect peoples' incentive and ability to create new knowledge and profit from it. To show how this can be done, Philippe Aghion and Peter Howitt make use of Schumpeter's concept of creative destruction, the competitive process whereby entrepreneurs constantly seek new ideas that will render their rivals' ideas obsolete. Whereas other books on endogenous growth stress a particular aspect, such as trade or convergence, this book provides a comprehensive survey of the theoretical and empirical debates raised by modern growth theory. It develops a powerful engine of analysis that sheds light not only on economic growth per se, but on the many other phenomena that interact with growth, such as inequality, unemployment, capital accumulation, education, competition, natural resources, international trade, economic cycles, and public policy.
Book Synopsis Endogenous Structural Breaks and the Two Views of the Industrial Revolution by : Alvaro S. Pereira
Download or read book Endogenous Structural Breaks and the Two Views of the Industrial Revolution written by Alvaro S. Pereira and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Structural Dynamics and Economic Growth by : Richard Arena
Download or read book Structural Dynamics and Economic Growth written by Richard Arena and published by Cambridge University Press. This book was released on 2012-05-03 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ever since Adam Smith, economists have been preoccupied with the puzzle of economic growth. The standard mainstream models of economic growth were and often still are based either on assumptions of diminishing returns on capital with technological innovation or on endogenous dynamics combined with a corresponding technological and institutional setting. An alternative model of economic growth emerged from the Cambridge School of Keynesian economists in the 1950s and 1960s. This model - developed mainly by Luigi Pasinetti - emphasizes the importance of demand, human learning and the growth dynamics of industrial systems. Finally, in the past decade, new mainstream models have emerged incorporating technology or demand-based structural change and extending the notion of balanced growth. This collection of essays reassesses Pasinetti's theory of structural dynamics in the context of these recent developments, with contributions from economists writing in both the mainstream and the Cambridge Keynesian traditions and including Luigi Pasinetti, William Baumol, Geoffrey Harcourt and Nobel laureate Robert Solow.
Book Synopsis Endogenous Growth and Structural Change Through Vertical and Horizontal Innovations by : Anton Bondarev
Download or read book Endogenous Growth and Structural Change Through Vertical and Horizontal Innovations written by Anton Bondarev and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Perpetual Structural Change, Multiple Steady States and Global Equilibrium Indeterminacy in Two-Sector Endogenous Growth Models by : Pengfei Zhang
Download or read book Perpetual Structural Change, Multiple Steady States and Global Equilibrium Indeterminacy in Two-Sector Endogenous Growth Models written by Pengfei Zhang and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Under the condition that education sector uses human capital as the only input of production, human capital could flow out from final goods sector to education sector eternally, which is defined to be perpetual structural change in the present paper. The emergence of perpetual structural change implies that there are two stable steady states in Uzawa-Lucas model. One has fast human capital accumulation, and the other has slow human capital accumulation. Nevertheless, fast human capital accumulation is not necessarily associated with fast economic growth, nor increases consumer welfare definitely. This conclusion is consistent with the empirical findings that there is no relationship between growth in years of schooling and per capita GDP growth. Moreover, we also find that the indeterminacy of the initial value of the wage rate for human capital is the root of global and local equilibrium indeterminacy, which could arise even though there are neither external effects nor market imperfections in the present paper.
Book Synopsis Innovation, Collective Action and Endogenous Growth by : Patrizio Bianchi
Download or read book Innovation, Collective Action and Endogenous Growth written by Patrizio Bianchi and published by . This book was released on 1994 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Endogenous Structural Change by : Mark A. Roberts
Download or read book Endogenous Structural Change written by Mark A. Roberts and published by . This book was released on 2000 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Structural Change and Economic Growth by : Michael Peneder
Download or read book Structural Change and Economic Growth written by Michael Peneder and published by . This book was released on 2001 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Endogenous Structural Change and Crisis in a Multiple Time-scales Growth Model by : Frédéric Lordon
Download or read book Endogenous Structural Change and Crisis in a Multiple Time-scales Growth Model written by Frédéric Lordon and published by . This book was released on 1993 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
