کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5067625 1372610 2008 21 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Growth outside the stable path: Lessons from the European reconstruction
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Growth outside the stable path: Lessons from the European reconstruction
چکیده انگلیسی
This paper exploits a natural experiment, the large destruction of capital in continental Europe during World War II, to characterize the transitional dynamics of an economy that begins with a capital stock below its steady state level. We use these regularities as a benchmark to discriminate among competing growth specifications. A model that combines non-separabilities in preferences with a technology that restricts the degree of substitutability between inputs outperforms the widely used AK and Cobb-Douglas specifications with time-separable preferences. Our results suggest that policy evaluations based in growth models that overlook non-separabilities in preferences or impose strong restrictions on the technological structure might be grossly misleading.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: European Economic Review - Volume 52, Issue 3, April 2008, Pages 568-588
نویسندگان
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