Government Activities and Tests of the Long-Run Implications of the Neoclassical Growth Model for Canada

Apostolos Serletis

Canadian Journal of Economics, 1996, vol. 29, issue 3, 635-42

Abstract: This paper shows that the conclusions of time-series analyses of the long-run properties of the one-factor neoclassical stochastic growth model under uncertainty are robust with regard to alternative ways of handling government expenditures. In particular, when annual Canadian data from 1946 to 1993 are used, the hypothesis that the log ratios of consumption to output and investment to output are stationary is rejected even when government expenditures are treated as perfect substitutes for private ones (and aggregated with the corresponding private variables).

Date: 1996
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