Are shocks to national income persistent? New global evidence

Seema Narayan () and Paresh Narayan ()

Journal of Economic Studies, 2011, vol. 38, issue 2, 218-230

Abstract: Purpose - This paper aims to investigate the integrational properties of real GDP for 125 countries. Design/methodology/approach - The paper applies the Kwiatkowskiet al.univariate test and a KPSS‐type univariate test that accounts for multiple structural breaks – a test procedure proposed by Carrion‐i‐Silvestreet al.The panel versions of the KPSS‐type test, proposed by Carrion‐i‐Silvestreet al.with and without structural breaks, are also applied. Findings - The paper finds that, while univariate tests with and without structural breaks provide mixed results on persistence, the panel test suggests that shocks to national output are persistent. Originality/value - This is a multi‐country study that focuses on both developed and developing countries and uses more recent data to provide new and comparable evidence on the persistence of output.

Keywords: Breaks; Gross domestic product; Developing countries (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:jespps:v:38:y:2011:i:2:p:218-230

DOI: 10.1108/01443581111128433

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