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Growth Regression and Economic Theory

Chris Elbers () and Jan Willem Gunning ()

No 02-034/2, Tinbergen Institute Discussion Papers from Tinbergen Institute

Abstract: In this note we show that the standard, loglinear growth regression specificationis consistent with one and only one model in the class of stochastic Ramsey models. Thismodel is highly restrictive: it requires a Cobb-Douglas technology and a 100% depreciationrate and it implies that risk does not affect investment behavior.

Keywords: economic growth; growth regressions; growth under uncertainty (search for similar items in EconPapers)
JEL-codes: O4 D91 (search for similar items in EconPapers)
Date: 2002-04-10
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