Are long‐run output growth rates falling?

Autor:	Ivan Mendieta-Muñoz, Mengheng Li
Rok vydání:	2019
Předmět:	Estimation Economics and Econometrics 050208 finance Stochastic volatility Slowdown 05 social sciences Economic stagnation Econometric model Effects of the Great Recession 0502 economics and business Econometrics Economics Endogeneity 050207 economics Productivity
Zdroj:	Metroeconomica. 71:204-234
ISSN:	1467-999X 0026-1386
Popis:	This paper studies the evolution of long-run output and labour productivity growth rates in the G-7 countries during the post-war period. We estimate the growth rates consistent with a constant unemployment rate using time-varying parameter models that incorporate both stochastic volatility and a Heckman-type two-step estimation procedure that deals with the possible endogeneity problem in the econometric models. The results show a significant decline in long-run growth rates that is not associated with the detrimental effects of the Great Recession, and that the rate of growth of labour productivity appears to be behind the slowdown in long-run GDP growth.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::fd646cfefb4a9240ed5297e50cb5f636 https://doi.org/10.1111/meca.12275 Zobrazit plný text záznamu Plný text