Unit Roots, Postwar Slowdowns and Long-Run Growth: Evidence from Two Structural Breaks
Dan Ben-David (),
Robin L. Lumsdaine and
David Papell ()
No 6397, NBER Working Papers from National Bureau of Economic Research, Inc
This paper provides evidence on the unit root hypothesis and long-term growth by allowing for two structural breaks. We reject the unit root hypothesis for three-quarters of the countries approximately 50% more rejections than in models that allow for only one break. While about half of the countries exhibit slowdowns following their postwar breaks, the others have grown along paths that have become steeper over the past 120 years. The majority of the countries, including most of the slowdown countries, exhibit faster growth after their second breaks than during the decades preceding their first breaks.
JEL-codes: C2 O5 (search for similar items in EconPapers)
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Published as Ben-David, Dan, Robin L. Lumsdaine and David H. Papell. "Unit Roots, Postwar Slowdowns And Long-Run Growth: Evidence From Two Structural Breaks," Empirical Economics, 2003, v28(2,Apr), 303-319.
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Journal Article: Unit roots, postwar slowdowns and long-run growth: Evidence from two structural breaks (2003)
Working Paper: Unit Roots Postwar Slowdowns and Long-Run Growth: Evidence from Two Structural Breaks (1996)
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