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Some evidence on the continuity of the growth process among the G7 countries
Author(s) -
BenDavid D,
Papell DH
Publication year - 2000
Publication title -
economic inquiry
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.823
H-Index - 72
eISSN - 1465-7295
pISSN - 0095-2583
DOI - 10.1111/j.1465-7295.2000.tb00020.x
Subject(s) - economics , falling (accident) , per capita , growth theory , econometrics , structural break , macroeconomics , keynesian economics , psychology , population , demography , psychiatry , sociology
The stability of the growth process, whether growth rates are rising, falling, or constant, is one of the central questions of economic growth theory. We use recently developed techniques for identifying structural change in economic time series, and find evidence of multiple breaks in per capita real GDP of the G7 countries over the past 120 years. Once determined, these breaks are used to delineate time periods. Although there is some evidence of individual periods of slowdowns, the overall tendency appears to be one of increasing steady state growth over the long run.