Testing the augmented Solow Model

Jonathan Temple

No 18 & 106., Economics Papers from Economics Group, Nuffield College, University of Oxford

Abstract: This paper examines the adequacy of the augmented Solow model for explaining international variation in the standard of living and growth rates. Robust estimation and measurement error diagnostics are used to assess the model in a variety of dimensions. The main findings are that the speed of conditional convergence is highly uncertain, that technology parameters obtained from the augmented Solow model cannot be trusted, and that the model does not work well when attention is restricted to either the OECD or developing countries. Not only that, the equation for steady state human capital is rejected by the data.

Keywords: growth; development; convergence; human capital (search for similar items in EconPapers)
Date: 1995-11
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http://www.nuff.ox.ac.uk/economics_wp/w18/testsol.zip (application/postscript)

Related works:
Working Paper: Testing the Augmented Solow Models (1995)
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Persistent link: https://EconPapers.repec.org/RePEc:nuf:econwp:0018

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