The Nonstationarity of Aggregate Output: Some Additional International Evidence

Dick Zelhorst and Jakob de Haan

Journal of Money, Credit and Banking, 1994, vol. 26, issue 1, 23-33

Abstract: In this paper, the stationarity of aggregate output is examined using the scaled variogram for a sample of twelve countries. It is argued that if the true data generating process of output is stationary around a deterministic trend with a change in mean and/or growth rate, the results of previous studies are biased. Once the authors allow for a one time exogenous 'shock,' the conclusions are indeed less clear cut and for some countries even reversed. Copyright 1994 by Ohio State University Press.

Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:mcb:jmoncb:v:26:y:1994:i:1:p:23-33

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