Augmented Neoclassical Growth Model: A Replication over the 1960-2000 Period

Augmented Neoclassical Growth Model: A Replication over the 1960-2000 Period

Title : Augmented Neoclassical Growth Model: A Replication over the 1960-2000 Period
Number : 11/01
Author(s) : Bülent Ulaşan
Language : English
Date : January 2011
Abstract : This paper empirically revisits the augmented neoclassical growth model suggested by Mankiw, Romer and Weil (1992, MRW) to answer whether this model is still an appropriate benchmark specification for investigating the relationship between long run economic growth and any particular growth theory for the sample period 1960-2000. For this I replicate MRW using updated and revised data for several samples, and compare my findings with those obtained by MRW. My findings are consistent with the theory and support the results of MRW. I obtain more reasonable coefficient estimates on capital shares. I also check for geographical differences and for outlying countries. I conclude that the inclusion of continental dummy variables does not change the basic results and any outlier effects are small.
Keywords : Economic Growth, Cross-Country Growth Regression, Conditional Convergence, Outliers
JEL Codes : O40; O47

Augmented Neoclassical Growth Model: A Replication over the 1960-2000 Period
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