Growth Regression and Economic Theory
Chris Elbers () and
Jan Willem Gunning ()
No 02-034/2, Tinbergen Institute Discussion Papers from Tinbergen Institute
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)
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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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