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The decline in investment shares is not caused by falling relative prices of capital: a note

Leon Podkaminer

Empirica, 2019, vol. 46, issue 2, No 7, 369-380

Abstract: Abstract Secularly declining GDP investment shares are often explained by the widespread fall in the relative price of investment goods. Granger non-causality tests applied to longer-term time series for a large number of industrial countries tend to reject that explanation.

Keywords: Relative prices of capital; Investment shares; Secular stagnation; Granger causality (search for similar items in EconPapers)
JEL-codes: E22 O11 C32 (search for similar items in EconPapers)
Date: 2019
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DOI: 10.1007/s10663-018-9401-2

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