Nonlinear Dynamics, Spillovers and Growth in the G7 Economies: An Empirical Investigation

Lucio Sarno

Economica, 2001, vol. 68, issue 271, 401-426

Abstract: This paper proposes an empirical growth model which is consistent with a stochastic steady‐state labour productivity level varying over time and across countries, where the disequilibrium mechanism leading to long‐run equilibrium follows a nonlinear equilibrium correction model. Using data for the G7 economies during the postwar period since 1950, the empirical analysis yields a long‐run model which implies plausible estimates of the production function parameters. Postwar economic growth in each of the G7 countries appears to be well characterized by a nonlinear equilibrium correction model where the dynamic adjustment towards long‐run equilibrium is governed by a logistic function, while also capturing spillover effects in growth dynamics.

Date: 2001
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https://doi.org/10.1111/1468-0335.00253

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Working Paper: Nonlinear Dynamics, Spillovers and Growth in the G7 Economies: An Empirical Investigation (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:bla:econom:v:68:y:2001:i:271:p:401-426

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