Stochastic Growth in the United States and Euro Area

Ireland, Peter

Stochastic Growth in the United States and Euro Area

No 16681, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper estimates, using data from the United States and Euro Area, a two-country stochastic growth model in which both neutral and investment-specific technology shocks are nonstationary but cointegrated across economies. The results point to large and persistent swings in productivity, both favorable and adverse, originating in the US but not transmitted to the EA. More specifically, the results suggest that while the EA missed out on the period of rapid investment-specific technological change enjoyed in the US during the 1990s, it also escaped the stagnation in neutral technological progress that plagued the US in the 1970s.

JEL-codes: E32 F41 F43 O41 O47 (search for similar items in EconPapers)
Date: 2011-01
Note: ME
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Citations: View citations in EconPapers (3)

Published as Peter N. Ireland, 2013. "Stochastic Growth In The United States And Euro Area," Journal of the European Economic Association, European Economic Association, vol. 11(1), pages 1-24, 02.

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Related works:
Journal Article: STOCHASTIC GROWTH IN THE UNITED STATES AND EURO AREA (2013)
Working Paper: Stochastic Growth in the United States and Euro Area (2010)
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