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: D91 O4 (search for similar items in EconPapers)
Date: 2002-04-10
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Citations: View citations in EconPapers (1)

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Working Paper: Growth Regressions and Economic Theory (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:tin:wpaper:20020034

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