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Growth theories and the persistence of output fluctuations. The case of Austria.

Ragacs, Christian and Steinberger, Thomas and Zagler, Martin (1998) Growth theories and the persistence of output fluctuations. The case of Austria. Department of Economics Working Paper Series, 60. Inst. für Volkswirtschaftstheorie und -politik, WU Vienna University of Economics and Business, Vienna.

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Abstract

The paper analyses the degree of output persistence in GDP in order to empirically discriminate between the Solow growth model, the perfect competition endogenous growth model, the imperfect competition endogenous growth model, and the subcase of a multiple equilibria model of endogenous growth for the case of Austria. We find that a temporary shock in the growth rate of output induces a permanent and larger effect on the level of GDP. This leads us to refute the Solow growth model and the perfect competition model. We find strong empirical support for the imperfect competition growth model, but cannot fully rule out the possibility of multiple equilibria growth rates.

Item Type: Paper
Keywords: Austria / output persistence / endogenous growth / univariate time series analysis
Classification Codes: JEL C22, O47, O52
Divisions: Departments > Volkswirtschaft
Depositing User: Repository Administrator
Date Deposited: 01 Mar 2002 09:42
Last Modified: 12 Oct 2017 07:26
URI: http://epub.wu.ac.at/id/eprint/212

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