More Lessons from Taking an AK Model to the Data

João Ejarque () and Ana Reis

No 03-37, Discussion Papers from University of Copenhagen. Department of Economics

Abstract: We take an AK model to the PWT data. In the model both technology (intratemporal) and investment (intertemporal) shocks determine the variation of the growth rate. In earlier work we looked at singular models where we extracted only the technology shock using the policy functions from dynamic optimality. Here we recover time series for both shocks for a panel of countries and we isolate what we believe are pervasive patterns in macroeconomic models and postwar data: a negative correlation between intra and intertemporal shocks, and a somewhat lesser role for the intertemporal shock.

Keywords: endogenous growth; technology shocks; investment shocks (search for similar items in EconPapers)
JEL-codes: E21 E32 O40 (search for similar items in EconPapers)
Pages: 29 pages + tables
Date: 2003-09
New Economics Papers: this item is included in nep-dev
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:kud:kuiedp:0337

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