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More Lessons from Taking an AK Model to the Data

Author

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  • João Ejarque

    (University of Essex)

  • Ana Balcão Reis

    (Universidade Nova de Lisboa)

Abstract

We take an AK model to the PWT data. In the model both technology (intratemporal) and investment (intertemporal) shocks determine the variation of the growth rate. In earlier work we looked at singular models where we extracted only the technology shock using the policy functions from dynamic optimality. Here we recover time series for both shocks for a panel of countries and we isolate what we believe are pervasive patterns in macroeconomic models and postwar data: a negative correlation between intra and intertemporal shocks, and a somewhat lesser role for the intertemporal shock.

Suggested Citation

  • João Ejarque & Ana Balcão Reis, 2003. "More Lessons from Taking an AK Model to the Data," Discussion Papers 03-37, University of Copenhagen. Department of Economics.
    • Handle: RePEc:kud:kuiedp:0337
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    File URL: http://www.econ.ku.dk/english/research/publications/wp/2003/0337.pdf/
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    Cited by:

    1. Ejargque, Joao & McKnight, Stephen, 2006. "Can we identify the relative price between consumption and investment?," Economics Discussion Papers 8904, University of Essex, Department of Economics.

    More about this item

    Keywords

    endogenous growth; technology shocks; investment shocks;
    All these keywords.

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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