Economic Growth under Stochastic Population and Pollution Shocks

Théophile Azomahou, Tapas Mishra and Mamata Parhi
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Théophile Azomahou: BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique, UNU-MERIT - UNU-MERIT - United Nations University - Maastricht University, Maastricht University [Maastricht]

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Abstract: We study dynamics of interactions among economic growth, population, and environmental quality when stochastic shocks in these systems display long-memory property. We make two important contributions. First, we show that the long-memory persistence in economic growth is determined jointly by the convergence speed of shocks in both environmental quality and population. Second, by simulating a modified Solow-Swan economy we demonstrate that the convergence-speed of shocks in these systems significantly affects the long-run growth trajectory of output. Our empirical examination evince that adjustment of output to long-run equilibrium is very slow, thanks to the slowly dissipating population and pollution shocks.

Date: 2015-06
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Published in The Manchester school of economic and social studies, 2015, 83 (3), pp.314 - 345. ⟨10.1111/manc.12062⟩

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Journal Article: Economic Growth under Stochastic Population and Pollution Shocks (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01736166

DOI: 10.1111/manc.12062

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