Capital Productivity In Industrialised Economies: Evidence From Error-Correction Model And Lagrange Multiplier Tests
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Andrei Shleifer & Florencio Lopez-de-Silanes & Rafael La Porta, 2008.
"The Economic Consequences of Legal Origins,"
Journal of Economic Literature, American Economic Association, vol. 46(2), pages 285-332, June.
- Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2007. "The Economic Consequences of Legal Origins," NBER Working Papers 13608, National Bureau of Economic Research, Inc.
- Lopez-de-Silanes, Florencio & La Porta, Rafael & Shleifer, Andrei, 2008. "The Economic Consequences of Legal Origins," Scholarly Articles 2962610, Harvard University Department of Economics.
- repec:wvu:wpaper:10-15 is not listed on IDEAS
- Robert Z. Lawrence, 2015.
"Recent Declines in Labor's Share in US Income: A Preliminary Neoclassical Account,"
NBER Working Papers
21296, National Bureau of Economic Research, Inc.
- Lawrence Robert Z., 2015. "Recent Declines in Labor's Share in U.S. Income: A Preliminary Neoclassical Account," Working Paper Series rwp15-034, Harvard University, John F. Kennedy School of Government.
- Robert Z. Lawrence, 2015. "Recent Declines in Labor's Share in US Income: A Preliminary Neoclassical Account," Working Paper Series WP15-10, Peterson Institute for International Economics.
- Jonas D. M. Fisher, 2006. "The Dynamic Effects of Neutral and Investment-Specific Technology Shocks," Journal of Political Economy, University of Chicago Press, vol. 114(3), pages 413-451, June.
- Junsoo Lee & Mark C. Strazicich, 2013.
"Minimum LM unit root test with one structural break,"
Economics Bulletin, AccessEcon, vol. 33(4), pages 2483-2492.
- Junsoo Lee & Mark C. Strazicich, 2004. "Minimum LM Unit Root Test with One Structural Break," Working Papers 04-17, Department of Economics, Appalachian State University.
- Tom Doan, "undated". "LSUNIT: RATS procedure to implement Lee-Strazicich unit root tests with one or more structural breaks," Statistical Software Components RTS00112, Boston College Department of Economics.
- Bleaney, Michael F & Greenaway, David, 1993. "Long-Run Trends in the Relative Price of Primary Commodities and in the Terms of Trade of Developing Countries," Oxford Economic Papers, Oxford University Press, vol. 45(3), pages 349-363, July.
- Sen, Amit, 2003. "On Unit-Root Tests When the Alternative Is a Trend-Break Stationary Process," Journal of Business & Economic Statistics, American Statistical Association, vol. 21(1), pages 174-184, January.
- William D. Nordhaus, 2002.
"Productivity Growth and the New Economy,"
Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(2), pages 211-265.
- William D. Nordhaus, 2000. "Productivity Growth and the New Economy," Cowles Foundation Discussion Papers 1284, Cowles Foundation for Research in Economics, Yale University.
- William D. Nordhaus, 2001. "Productivity Growth and the New Economy," NBER Working Papers 8096, National Bureau of Economic Research, Inc.
- Caselli, Francesco & Wilson, Daniel J., 2004.
"Importing technology,"
Journal of Monetary Economics, Elsevier, vol. 51(1), pages 1-32, January.
- Francesco Caselli & Daniel J. Wilson, 2002. "Importing technology," Proceedings, Federal Reserve Bank of San Francisco, issue Nov.
- Francesco Caselli & Daniel J. Wilson, 2003. "Importing technology," Working Paper Series 2003-04, Federal Reserve Bank of San Francisco.
- Francesco Caselli & Daniel Wilson, 2003. "Importing Technology," NBER Working Papers 9928, National Bureau of Economic Research, Inc.
- N. Kaldor & J. A. Mirrlees, 1971.
"A New Model of Economic Growth,"
Palgrave Macmillan Books, in: F. H. Hahn (ed.), Readings in the Theory of Growth, chapter 13, pages 165-183,
Palgrave Macmillan.
- Nicholas Kaldor & James A. Mirrlees, 1962. "A New Model of Economic Growth," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 29(3), pages 174-192.
- Thomas Weiß, 1998. "Has the decline in the productivity of capital been halted?," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 33(2), pages 86-92, March.
- Ricardo J. Caballero & Mohamad L. Hammour, 1996.
"On the Timing and Efficiency of Creative Destruction,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 111(3), pages 805-852.
- Ricardo J. Caballero & Mohamad L. Hammour, 1994. "On the Timing and Efficiency of Creative Destruction," NBER Working Papers 4768, National Bureau of Economic Research, Inc.
- L. R. Klein & R. F. Kosobud, 1961. "Some Econometrics of Growth: Great Ratios of Economics," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 75(2), pages 173-198.
- Junsoo Lee & Mark C. Strazicich, 2003. "Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks," The Review of Economics and Statistics, MIT Press, vol. 85(4), pages 1082-1089, November.
- Loukas Karabarbounis & Brent Neiman, 2014.
"Capital Depreciation and Labor Shares Around the World: Measurement and Implications,"
NBER Working Papers
20606, National Bureau of Economic Research, Inc.
- Brent Neiman & Loukas Karabarbounis, 2015. "Capital Depreciation and Labor Shares Around the World: Measurement and Implications," 2015 Meeting Papers 357, Society for Economic Dynamics.
- Roberto Torrini, 2005.
"Profit Share and Returns on Capital Stock in Italy: the Role of Privatisations behind the Rise of the 1990s,"
CEP Discussion Papers
dp0671, Centre for Economic Performance, LSE.
- Torrini, Roberto, 2005. "Profit share and returns on capital stock in Italy: the role of privatisations behind the rise of the 1990s," LSE Research Online Documents on Economics 19915, London School of Economics and Political Science, LSE Library.
- King, Robert G. & Plosser, Charles I. & Stock, James H. & Watson, Mark W., 1991.
"Stochastic Trends and Economic Fluctuations,"
American Economic Review, American Economic Association, vol. 81(4), pages 819-840, September.
- Robert G. King & Charles I. Plosser & James H. Stock & Mark W. Watson, 1987. "Stochastic Trends and Economic Fluctuations," NBER Working Papers 2229, National Bureau of Economic Research, Inc.
- Robert G. King & Charles I. Plosser & James H. Stock & Mark W. Watson, 1991. "Stochastic trends and economic fluctuations," Working Paper Series, Macroeconomic Issues 91-4, Federal Reserve Bank of Chicago.
- Daron Acemoglu & Simon Johnson & James A. Robinson, 2001.
"The Colonial Origins of Comparative Development: An Empirical Investigation,"
American Economic Review, American Economic Association, vol. 91(5), pages 1369-1401, December.
- Daron Acemoglu & Simon Johnson & James A. Robinson, 2000. "The Colonial Origins of Comparative Development: An Empirical Investigation," NBER Working Papers 7771, National Bureau of Economic Research, Inc.
- Charles I. Jones & Paul M. Romer, 2010.
"The New Kaldor Facts: Ideas, Institutions, Population, and Human Capital,"
American Economic Journal: Macroeconomics, American Economic Association, vol. 2(1), pages 224-245, January.
- Charles I. Jones & Paul M. Romer, 2009. "The New Kaldor Facts: Ideas, Institutions, Population, and Human Capital," NBER Working Papers 15094, National Bureau of Economic Research, Inc.
- Nelson, Charles R & Kang, Heejoon, 1984.
"Pitfalls in the Use of Time as an Explanatory Variable in Regression,"
Journal of Business & Economic Statistics, American Statistical Association, vol. 2(1), pages 73-82, January.
- Charles R. Nelson & Heejoon Kang, 1983. "Pitfalls in the use of Time as an Explanatory Variable in Regression," NBER Technical Working Papers 0030, National Bureau of Economic Research, Inc.
- Kunst, Robert & Neusser, Klaus, 1990. "Cointegration in a Macroeconomic System," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 5(4), pages 351-365, Oct.-Dec..
- Steger, Thomas M., 2001. "Stylised facts of economic growth in developing countries," Wirtschaftswissenschaftliche Diskussionspapiere 08/2001, University of Greifswald, Faculty of Law and Economics.
- Jakob B. Madsen & Vinod Mishra & Russell Smyth, 2012.
"Is The Output–Capital Ratio Constant In The Very Long Run?,"
Manchester School, University of Manchester, vol. 80(2), pages 210-236, March.
- Jakob Madsen & Russell Smyth, 2008. "Is The Output-Capital Ratio Constant In The Very Long Run?," Monash Economics Working Papers 10/08, Monash University, Department of Economics.
- King, Robert G. & Levine, Ross, 1994.
"Capital fundamentalism, economic development, and economic growth,"
Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 40(1), pages 259-292, June.
- King, Robert G. & Levine, Ross & DEC, 1994. "Capital fundamentalism, economic development, and economic growth," Policy Research Working Paper Series 1285, The World Bank.
- Hong Li & Vince Daly, 2009. "Testing the balanced growth hypothesis: evidence from China," Empirical Economics, Springer, vol. 37(1), pages 185-200, September.
- David Harvey & Stephen Leybourne & Paul Newbold, 2003. "How great are the great ratios?," Applied Economics, Taylor & Francis Journals, vol. 35(2), pages 163-177.
- Larry E. Jones & Rodolfo Manuelli, 1990. "A Convex Model of Equilibrium Growth," NBER Working Papers 3241, National Bureau of Economic Research, Inc.
- Jones, Larry E & Manuelli, Rodolfo E, 1990. "A Convex Model of Equilibrium Growth: Theory and Policy Implications," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 1008-1038, October.
- Greif,Avner, 2006.
"Institutions and the Path to the Modern Economy,"
Cambridge Books,
Cambridge University Press, number 9780521671347, September.
- Greif,Avner, 2006. "Institutions and the Path to the Modern Economy," Cambridge Books, Cambridge University Press, number 9780521480444, October.
- André A. Hofman, 2000.
"The Economic Development of Latin America in the Twentieth Century,"
Books,
Edward Elgar Publishing, number 1534.
- Hofman, André A., 2000. "The economic development of Latin America in the twentieth century," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1650 edited by Eclac.
- Mills, Terence C, 2001. "Great Ratios and Common Cycles: Do They Exist for the UK?," Bulletin of Economic Research, Wiley Blackwell, vol. 53(1), pages 35-51, January.
- McCloskey, Deirdre Nansen (Макклоски, Дейдра Нансен), 2016. "Measured, Unmeasured, Mismeasured, and Unjustified Pessimism: A Review Essay of Thomas Piketty’s Capitalism in the Twenty First Century [Измеренный, Безмерный, Преувеличенный И Безосновательный Пес," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 4, pages 153-195, August.
- Eugene Canjels & Mark W. Watson, 1997.
"Estimating Deterministic Trends In The Presence Of Serially Correlated Errors,"
The Review of Economics and Statistics, MIT Press, vol. 79(2), pages 184-200, May.
- Eugene Canjels & Mark W. Watson, 1994. "Estimating deterministic trends in the presence of serially correlated errors," Working Paper Series, Macroeconomic Issues 94-19, Federal Reserve Bank of Chicago.
- Eugene Canjels & Mark W. Watson, 1994. "Estimating Deterministic Trends in the Presence of Serially Correlated Errors," NBER Technical Working Papers 0165, National Bureau of Economic Research, Inc.
- Douglass C. North, 1993. "Institutions, Transaction Costs and Productivity in the Long Run," Economic History 9309004, University Library of Munich, Germany.
- Petra Duenhaupt, 2012.
"Financialization and the rentier income share -- evidence from the USA and Germany,"
International Review of Applied Economics, Taylor & Francis Journals, vol. 26(4), pages 465-487, June.
- Petra Dünhaupt, 2010. "Financialization and the rentier income share - evidence from the USA and Germany," IMK Working Paper 2-2010, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
- Sjef Ederveen & Albert van der Horst & Paul Tang, 2005. "Is the European EConomy a Patient and the Union its Doctor? On Jobs and Growth in Europe," Economics Working Papers 035, European Network of Economic Policy Research Institutes.
- Barry Eichengreen, 2015.
"Secular Stagnation: The Long View,"
American Economic Review, American Economic Association, vol. 105(5), pages 66-70, May.
- Barry Eichengreen, 2015. "Secular Stagnation: The Long View," NBER Working Papers 20836, National Bureau of Economic Research, Inc.
- Edgar Peden & Michael Bradley, 1989. "Government size, productivity, and economic growth: The post-war experience," Public Choice, Springer, vol. 61(3), pages 229-245, June.
- Joshua C. Hall & Russell S. Sobel & George R. Crowley, 2010. "Institutions, Capital, and Growth," Southern Economic Journal, John Wiley & Sons, vol. 77(2), pages 385-405, October.
- D'Adda, Carlo & Scorcu, Antonello E., 2003.
"On the time stability of the output-capital ratio,"
Economic Modelling, Elsevier, vol. 20(6), pages 1175-1189, December.
- A. Scorcu, 2002. "On the Time Stability of the Output-Capital Ratio," Working Papers 434, Dipartimento Scienze Economiche, Universita' di Bologna.
- Daron Acemoglu, 2002.
"Technical Change, Inequality, and the Labor Market,"
Journal of Economic Literature, American Economic Association, vol. 40(1), pages 7-72, March.
- Daron Acemoglu, 2000. "Technical Change, Inequality, and the Labor Market," NBER Working Papers 7800, National Bureau of Economic Research, Inc.
- Robert J. Gordon, 2012. "Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds," NBER Working Papers 18315, National Bureau of Economic Research, Inc.
- F. A. Lutz, 1961. "The Theory of Capital," International Economic Association Series, Palgrave Macmillan, number 978-1-349-08452-4 edited by D. C. Hague.
- Simon Mohun, 2009. "Aggregate capital productivity in the US economy, 1964--2001," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(5), pages 1023-1046, September.
- Nicholas Kaldor, 1961. "Capital Accumulation and Economic Growth," International Economic Association Series, in: D. C. Hague (ed.), The Theory of Capital, chapter 0, pages 177-222, Palgrave Macmillan.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Trofimov, Ivan D., 2017. "Capital productivity in industrialized economies: evidence from error-correction model and Lagrange Multiplier tests," MPRA Paper 81655, University Library of Munich, Germany.
- D., Ivan, 2017. "Stability of the labour shares: evidence from OECD economies," MPRA Paper 79822, University Library of Munich, Germany.
- Ivan D. Trofimov, 2019. "Stability of Labour Shares: Evidence from OECD Economies," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 17(1), pages 57-89.
- Kapetanios, George & Millard, Stephen & Price, Simon & Petrova, Katerina, 2018.
"Time varying cointegration and the UK Great Ratios,"
Essex Finance Centre Working Papers
23320, University of Essex, Essex Business School.
- Kapetanios, George & Millard, Stephen & Petrova, Katerina & Price, Simon, 2019. "Time-varying cointegration and the UK great ratios," Bank of England working papers 789, Bank of England.
- George Kapetanios & Stephen Millard & Katerina Petrova & Simon Price, 2018. "Time varying cointegration and the UK great ratios," CAMA Working Papers 2018-53, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
- Chang, Juin-Jen & Lin, Chang-Ching & Lin, Hsieh-Yu, 2016. "Great ratios and international openness," International Review of Economics & Finance, Elsevier, vol. 41(C), pages 110-121.
- Jones, C.I., 2016.
"The Facts of Economic Growth,"
Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 3-69,
Elsevier.
- Charles I. Jones, 2015. "The Facts of Economic Growth," NBER Working Papers 21142, National Bureau of Economic Research, Inc.
- Jakub Growiec, 2019.
"The Hardware–Software Model: A New Conceptual Framework of Production, R&D, and Growth with AI,"
Working Paper series
19-18, Rimini Centre for Economic Analysis.
- Jakub Growiec, 2019. "The Hardware-Software Model: A New Conceptual Framework of Production, R&D, and Growth with AI," KAE Working Papers 2019-042, Warsaw School of Economics, Collegium of Economic Analysis.
- Ekaterina Ponomareva & Alexandra Bozhechkova & Alexandr Knobel, 2012. "Factors of Economic Growth," Published Papers 172, Gaidar Institute for Economic Policy, revised 2013.
- Hong Li & Vince Daly, 2009. "Testing the balanced growth hypothesis: evidence from China," Empirical Economics, Springer, vol. 37(1), pages 185-200, September.
- van de Klundert, T.C.M.J. & Smulders, J.A., 1991.
"Reconstructing growth theory : A survey,"
Other publications TiSEM
19355c51-17eb-4d5d-aa66-b, Tilburg University, School of Economics and Management.
- van de Klundert, T.C.M.J. & Smulders, J.A., 1993. "Reconstructing growth theory : A survey," Other publications TiSEM ed4275fb-b14f-4175-a63f-6, Tilburg University, School of Economics and Management.
- Smulders, J.A. & van de Klundert, T.C.M.J., 1992. "Reconstructing growth theory : A survey," Other publications TiSEM 0f3091a3-a914-470c-8a90-2, Tilburg University, School of Economics and Management.
- Van de Klundert, T. & Smulders, S., 1991. "Recontructing Growth Theory : A Survey," Papers 9146, Tilburg - Center for Economic Research.
- van de Klundert, T.C.M.J. & Smulders, J.A., 1991. "Reconstructing growth theory : A survey," Discussion Paper 1991-46, Tilburg University, Center for Economic Research.
- Lau, Sau-Him Paul & Sin, Chor-Yiu, 1997. "Observational equivalence and a stochastic cointegration test of the neoclassical and Romer's increasing returns models," Economic Modelling, Elsevier, vol. 14(1), pages 39-60, January.
- Ivan D. Trofimov, 2017. "Profit rates in the developed capitalist economies: a time series investigation," PSL Quarterly Review, Economia civile, vol. 70(281), pages 85-128.
- Kapetanios, George & Millard, Stephen & Petrova, Katerina & Price, Simon, 2020. "Time-varying cointegration with an application to the UK Great Ratios," Economics Letters, Elsevier, vol. 193(C).
- repec:wvu:wpaper:10-01 is not listed on IDEAS
- M.S.Rafiq, 2006. "Business Cycle Moderation - Good Policies or Good Luck: Evidence and Explanations for the Euro Area," Discussion Paper Series 2006_21, Department of Economics, Loughborough University.
- repec:ebl:ecbull:v:2:y:2002:i:1:p:1-15 is not listed on IDEAS
- Matthias Kehrig & Nicolas Vincent, 2017.
"Growing Productivity without Growing Wages: The Micro-Level Anatomy of the Aggregate Labor Share Decline,"
CESifo Working Paper Series
6454, CESifo.
- Nicolas Vincent & Matthias Kehrig, 2017. "Growing Productivity without Growing Wages: The Micro-Level Anatomy of the Aggregate Labor Share Decline," 2017 Meeting Papers 739, Society for Economic Dynamics.
- Piketty, Thomas & Zucman, Gabriel, 2014.
"Wealth and Inheritance in the Long Run,"
CEPR Discussion Papers
10072, C.E.P.R. Discussion Papers.
- Thomas Piketty & Gabriel Zucman, 2015. "Wealth and Inheritance in the Long Run," Post-Print halshs-01109067, HAL.
- Thomas Piketty & Gabriel Zucman, 2015. "Wealth and Inheritance in the Long Run," PSE-Ecole d'économie de Paris (Postprint) halshs-01109067, HAL.
- Paul Lau, Sau-Him, 1999. "I(0) In, integration and cointegration out:: Time series properties of endogenous growth models," Journal of Econometrics, Elsevier, vol. 93(1), pages 1-24, November.
- Capolupo, Rosa, 2009.
"The New Growth Theories and Their Empirics after Twenty Years,"
Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 3, pages 1-72.
- Capolupo, Rosa, 2008. "The New Growth Theories and Their Empirics after Twenty Years," Economics Discussion Papers 2008-27, Kiel Institute for the World Economy (IfW Kiel).
- Niels Kemper & Dierk Herzer & Luca Zamparelli, 2011.
"Balanced growth and structural breaks: evidence for Germany,"
Empirical Economics, Springer, vol. 40(2), pages 409-424, April.
- Herzer, Dierk & Kemper, Niels & Zamparelli, Luca, 2009. "Balanced growth and structural breaks: Evidence for Germany," MPRA Paper 14944, University Library of Munich, Germany.
- Steger, Thomas M., 2000. "Economic growth with subsistence consumption," Journal of Development Economics, Elsevier, vol. 62(2), pages 343-361, August.
More about this item
Keywords
Capital productivity; structural breaks; unit root tests; growth;All these keywords.
JEL classification:
- C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
- N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
- O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:beo:journl:v:62:y:2017:i:215:p:53-80. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Goran Petrić (email available below). General contact details of provider: https://edirc.repec.org/data/efbeoyu.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.