Pair-wise cointegration in long-run growth models

Stefan Bergheim

No 24, Research Notes from Deutsche Bank Research

Abstract: This paper presents a novel theoretical and empirical approach to the analysis of long-run economic growth. It shows that most traditional theoretical models share the feature of pair-wise cointegration among the main variables. An augmented Kaldor model is proposed in contrast to the standard production function. The empirical analysis employs non- stationary panel techniques on two groups of countries to show that pair- wise cointegration exists among GDP, physical capital, human capital, and trade openness.

Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:dbrrns:24

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