Time-series properties and empirical evidence of growth and infraestructure: revised version
Autor(a) principal: | |
---|---|
Data de Publicação: | 1998 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/367 |
Resumo: | After more than forty years studying growth, there are two classes of growth models that have emerged: exogenous and endogenous growth models. Since both try to mimic the same set of long-run stylized facts, they are observationally equivalent in some respects. Our goals in this paper are twofold First, we discuss the time-series properties of growth models in a way that is useful for assessing their fit to the data. Second, we investigate whether these two models successfully conforms to U.S. post-war data. We use cointegration techniques to estimate and test long-run capital elasticities, exogeneity tests to investigate the exogeneity status of TFP, and Granger-causality tests to examine temporal precedence of TFP with respect to infrastructure expenditures. The empirical evidence is robust in confirming the existence of a unity long-run capital elasticity. The analysis of TFP reveals that it is not weakly exogenous in the exogenous growth model Granger-causality test results show unequivocally that there is no evidence that TFP for both models precede infrastructure expenditures not being preceded by it. On the contrary, we find some evidence that infras- tructure investment precedes TFP. Our estimated impact of infrastructure on TFP lay rougbly in the interval (0.19, 0.27). |
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Issler, João VictorFerreira, Pedro CavalcantiEscolas::EPGEFGV2008-05-13T15:23:01Z2008-05-13T15:23:01Z1998-090104-8910http://hdl.handle.net/10438/367After more than forty years studying growth, there are two classes of growth models that have emerged: exogenous and endogenous growth models. Since both try to mimic the same set of long-run stylized facts, they are observationally equivalent in some respects. Our goals in this paper are twofold First, we discuss the time-series properties of growth models in a way that is useful for assessing their fit to the data. Second, we investigate whether these two models successfully conforms to U.S. post-war data. We use cointegration techniques to estimate and test long-run capital elasticities, exogeneity tests to investigate the exogeneity status of TFP, and Granger-causality tests to examine temporal precedence of TFP with respect to infrastructure expenditures. The empirical evidence is robust in confirming the existence of a unity long-run capital elasticity. The analysis of TFP reveals that it is not weakly exogenous in the exogenous growth model Granger-causality test results show unequivocally that there is no evidence that TFP for both models precede infrastructure expenditures not being preceded by it. On the contrary, we find some evidence that infras- tructure investment precedes TFP. Our estimated impact of infrastructure on TFP lay rougbly in the interval (0.19, 0.27).engFundação Getulio Vargas. Escola de Pós-graduação em EconomiaEnsaios Econômicos;336Todo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessTime-series properties and empirical evidence of growth and infraestructure: revised versioninfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaDesenvolvimento econômico - Modelos matemáticosEconomiareponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000086009.pdf000086009.pdfapplication/pdf1369346https://repositorio.fgv.br/bitstreams/7d195cee-47c9-45a8-a1e5-94fb603827d4/download0aeced525deaaf0c2a987e44c5b738e2MD51TEXT000086009.pdf.txt000086009.pdf.txtExtracted texttext/plain71465https://repositorio.fgv.br/bitstreams/c600d2e6-010d-4060-b10f-a8aced2efb90/downloadac885b9dcb6aaf7771ed8e5ed54e9395MD56THUMBNAIL000086009.pdf.jpg000086009.pdf.jpgGenerated Thumbnailimage/jpeg4931https://repositorio.fgv.br/bitstreams/eec85112-1603-483c-bf22-c182fd8bfa49/downloadc1228d8e964b60e822aabc2eccd867f6MD5710438/3672023-11-09 15:51:06.952open.accessoai:repositorio.fgv.br:10438/367https://repositorio.fgv.brRepositório InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742023-11-09T15:51:06Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)false |
dc.title.eng.fl_str_mv |
Time-series properties and empirical evidence of growth and infraestructure: revised version |
title |
Time-series properties and empirical evidence of growth and infraestructure: revised version |
spellingShingle |
Time-series properties and empirical evidence of growth and infraestructure: revised version Issler, João Victor Economia Desenvolvimento econômico - Modelos matemáticos Economia |
title_short |
Time-series properties and empirical evidence of growth and infraestructure: revised version |
title_full |
Time-series properties and empirical evidence of growth and infraestructure: revised version |
title_fullStr |
Time-series properties and empirical evidence of growth and infraestructure: revised version |
title_full_unstemmed |
Time-series properties and empirical evidence of growth and infraestructure: revised version |
title_sort |
Time-series properties and empirical evidence of growth and infraestructure: revised version |
author |
Issler, João Victor |
author_facet |
Issler, João Victor Ferreira, Pedro Cavalcanti |
author_role |
author |
author2 |
Ferreira, Pedro Cavalcanti |
author2_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Issler, João Victor Ferreira, Pedro Cavalcanti |
dc.subject.area.por.fl_str_mv |
Economia |
topic |
Economia Desenvolvimento econômico - Modelos matemáticos Economia |
dc.subject.bibliodata.por.fl_str_mv |
Desenvolvimento econômico - Modelos matemáticos Economia |
description |
After more than forty years studying growth, there are two classes of growth models that have emerged: exogenous and endogenous growth models. Since both try to mimic the same set of long-run stylized facts, they are observationally equivalent in some respects. Our goals in this paper are twofold First, we discuss the time-series properties of growth models in a way that is useful for assessing their fit to the data. Second, we investigate whether these two models successfully conforms to U.S. post-war data. We use cointegration techniques to estimate and test long-run capital elasticities, exogeneity tests to investigate the exogeneity status of TFP, and Granger-causality tests to examine temporal precedence of TFP with respect to infrastructure expenditures. The empirical evidence is robust in confirming the existence of a unity long-run capital elasticity. The analysis of TFP reveals that it is not weakly exogenous in the exogenous growth model Granger-causality test results show unequivocally that there is no evidence that TFP for both models precede infrastructure expenditures not being preceded by it. On the contrary, we find some evidence that infras- tructure investment precedes TFP. Our estimated impact of infrastructure on TFP lay rougbly in the interval (0.19, 0.27). |
publishDate |
1998 |
dc.date.issued.fl_str_mv |
1998-09 |
dc.date.accessioned.fl_str_mv |
2008-05-13T15:23:01Z |
dc.date.available.fl_str_mv |
2008-05-13T15:23:01Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
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publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/367 |
dc.identifier.issn.none.fl_str_mv |
0104-8910 |
identifier_str_mv |
0104-8910 |
url |
http://hdl.handle.net/10438/367 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartofseries.por.fl_str_mv |
Ensaios Econômicos;336 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Fundação Getulio Vargas. Escola de Pós-graduação em Economia |
publisher.none.fl_str_mv |
Fundação Getulio Vargas. Escola de Pós-graduação em Economia |
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