Are long-run output growth rates falling?

Li, M; Mendieta-Muñoz, I

Are long-run output growth rates falling?

Li, M

Mendieta-Muñoz, I

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Publication Type:: Journal Article
Citation:: Metroeconomica, 2020, 71 (1), pp. 204 - 234
Issue Date:: 2020-02-01

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Field	Value	Language
dc.contributor.author	Li, M https://orcid.org/0000-0002-8807-7277	en_US
dc.contributor.author	Mendieta-Muñoz, I	en_US
dc.date.issued	2020-02-01	en_US
dc.identifier.citation	Metroeconomica, 2020, 71 (1), pp. 204 - 234	en_US
dc.identifier.issn	0026-1386	en_US
dc.identifier.uri	http://hdl.handle.net/10453/138920
dc.description.abstract	© 2019 John Wiley & Sons Ltd This paper studies the evolution of long-run output and technical progress growth rates in the G-7 countries during the post-war period by considering the concept of the natural rate of growth. We use 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. Our 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 technical progress appears to be behind the slowdown in long-run GDP growth.	en_US
dc.relation.ispartof	Metroeconomica	en_US
dc.relation.isbasedon	10.1111/meca.12275	en_US
dc.rights	info:eu-repo/semantics/closedAccess
dc.title	Are long-run output growth rates falling?	en_US
dc.type	Journal Article
utslib.citation.volume	1	en_US
utslib.citation.volume	71	en_US
utslib.for	14 Economics	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Economics Discipline
utslib.copyright.status	closed_access	*
pubs.issue	1	en_US
pubs.publication-status	Published	en_US
pubs.volume	71	en_US

Abstract:

© 2019 John Wiley & Sons Ltd This paper studies the evolution of long-run output and technical progress growth rates in the G-7 countries during the post-war period by considering the concept of the natural rate of growth. We use 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. Our 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 technical progress appears to be behind the slowdown in long-run GDP growth.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/138920