We present a model of economic growth that is based on Keynesian ideas (the role of autonomous demand in economic growth) as well as Schumpeterian notions (technological change). Our model fits in the Sraffian supermultiplier (SSM) tradition, and we endogenize the growth rate of autonomous demand, and semi-endogenize productivity growth. The basic model has a […]
Author Archive | Önder Nomaler, Danilo Spinola and Bart Verspagen
Characterizing growth instability: new evidence on unit roots and structural breaks in long run time series
In this paper we investigate whether long run time series of income per capita are better described by a trend-stationary model with few structural changes or by unit root processes in which permanent stochastic shocks are responsible for the observed growth discontinuities. To this purpose, we develop a methodology to test the null of a […]
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