Dynamic Growth Rate of U.S. Economy

Md. Mobarak Hossain

MPRA Paper from University Library of Munich, Germany

Abstract: This paper reports the estimates of the dynamic growth rate of U.S. economy using exponential growth model, Cob-Douglas production function with a regression framework. The estimates indicates that 100% output growth is broken down into 58% technology growth, 19.10% labor growth, and 22.90% capital growth. Growth rates of U.S. production, capital, and employment are decreasing by 0.4%, 0.6%, and 0.01% respectively for each additional year regardless of recession while growth rate of technological changes in U.S. economy has been changing in a systematic way. It also shows that forecasted growth rate of U.S. output with restricted elasticity is lower than that with unrestricted elasticity.

Keywords: Elasticity; Cobb-Douglas production function; exponential growth model. (search for similar items in EconPapers)
JEL-codes: E62 E63 (search for similar items in EconPapers)
Date: 2018-12-29
New Economics Papers: this item is included in nep-gro and nep-mac
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:91042

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