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Continuous-time estimation of an endogenous growth model of an open economy

Author

Listed:
  • Giancarlo Gandolfo

    (Department of Economics, CIDEI, University of Rome `La Sapienza', Via del Castro Laurenziano, 9, 00161 Rome, Italy)

  • Kieran P. Donaghy

    (Department of Urban and Regional Planning, University of Illinois at Urbana-Champaign, 111 Temple Hoyne Buell Hall, 611 East Lorado Taft Drive, Champaign, Illinois 61820, USA)

  • Daniela Federici

    (Department of Economics, CIDEI, University of Rome `La Sapienza', Via del Castro Laurenziano, 9, 00161 Rome, Italy)

Abstract

Most recent theoretical research on endogenous economic growth has been conducted with continuous-time models that embody the assumption of an intertemporally optimizing representative agent. Yet virtually none of these models has been confronted with empirical data. In this paper we make use of a model of an open economy recently developed by Turnovsky to demonstrate one approach to the estimation and analysis of such models. We present the results of the estimation, analyze the estimated model's stability properties around its steady-state solution, and explore the model's behavior in response to alternative tax policies.

Suggested Citation

  • Giancarlo Gandolfo & Kieran P. Donaghy & Daniela Federici, 2001. "Continuous-time estimation of an endogenous growth model of an open economy," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 35(3), pages 449-461.
    • Handle: RePEc:spr:anresc:v:35:y:2001:i:3:p:449-461
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    Citations

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    Cited by:

    1. Giuseppe Arbia & Jean H. P. Paelinck, 2003. "Spatial Econometric Modeling of Regional Convergence in Continuous Time," International Regional Science Review, , vol. 26(3), pages 342-362, July.
    2. Paolo Guerrieri & Bernardo Maggi & Pier Carlo Padoan, 2006. "Economic growth and diffusion of knowledge: the role of distance," Working Papers 70, Sapienza University of Rome, CIDEI.
    3. Donaghy, Kieran & Federici, Daniela & Wymer, Clifford R., 1999. "An Empirical Two-Good Two-Country Representative- Agent Model with Endogenous Growth," ERSA conference papers ersa99pa347, European Regional Science Association.
    4. Kieran P. Donaghy, 2021. "Implications for Regional Science of the “Rebuilding Macroeconomic Theory Projectâ€," International Regional Science Review, , vol. 44(3-4), pages 363-384, May.

    More about this item

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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