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Is growth exogenous? : taking Mankiw, Romer, and Weil seriously

Author: Ben Bernanke; Refet S Gürkaynak; National Bureau of Economic Research.
Publisher: Cambridge, MA. : National Bureau of Economic Research, ©2001.
Series: Working paper series (National Bureau of Economic Research), no. 8365.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: Is long-run economic growth exogenous? To address this question, we show that the empirical framework of Mankiw, Romer, and Weil (1992) can be extended to test any growth model that admits a balanced growth path; and we use that framework both to revisit variants of the Solow growth model and to evaluate simple alternative models of endogenous growth. To allow for the possibility that economies in our  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Ben Bernanke; Refet S Gürkaynak; National Bureau of Economic Research.
OCLC Number: 47794411
Notes: "July 2001."
Description: 1 online resource.
Series Title: Working paper series (National Bureau of Economic Research), no. 8365.
Other Titles: Taking Mankiw, Romer, and Weil seriously
Responsibility: Ben S. bernanke, Refet S. Gürkaynak.

Abstract:

Abstract: Is long-run economic growth exogenous? To address this question, we show that the empirical framework of Mankiw, Romer, and Weil (1992) can be extended to test any growth model that admits a balanced growth path; and we use that framework both to revisit variants of the Solow growth model and to evaluate simple alternative models of endogenous growth. To allow for the possibility that economies in our sample are not on their balanced growth paths, we also study the cross-sectional behavior of TFP growth, which we estimate using alternative measures of labor's share. Our broad conclusion, based on both model estimation and growth accounting, is that long-run growth is significantly correlated with behavioral variables such as the savings rate, and that this correlation is not easily explained by models in which growth is treated as the exogenous variable. Hence, future empirical studies should focus on models that exhibit endogenous growth.

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