Growth Regression and Economic Theory

Chris Elbers and Jan Willem Gunning ()

No 02-034/2, Tinbergen Institute Discussion Papers from Tinbergen Institute

Abstract: In this note we show that the standard, loglinear growth regression specification is consistent with one and only one model in the class of stochastic Ramsey models. This model is highly restrictive: it requires a Cobb-Douglas technology and a 100% depreciation rate and it implies that risk does not affect investment behavior.

Keywords: economic growth; growth regressions; growth under uncertainty (search for similar items in EconPapers)
JEL-codes: O4 D91 (search for similar items in EconPapers)
Date: 2002-04-10
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Working Paper: Growth Regressions and Economic Theory (2004)
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Persistent link: http://EconPapers.repec.org/RePEc:dgr:uvatin:20020034

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