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Capital Accumulation and Growth: A New Look at the Empirical Evidence.

Abstract:

We present evidence that an increase in investment as a share of GDP predicts a higher growth rate of output per worker, not only temporarily, but also in the steady state. These results are found using pooled annual data for a large panel of countries, using pooled data for non-overlapping five-year periods, or allowing for heterogeneity across countries in regression coefficients. They are robust to model specifications and estimation methods. The evidence that investment has a long-run eff...

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Publisher:
Nuffield College (University of Oxford)
Series:
Economics working papers
Publication date:
2004-01-01
Language:
English
UUID:
uuid:238f0915-3bb1-465c-9275-9d8db3311a65
Local pid:
oai:economics.ouls.ox.ac.uk:12911
Deposit date:
2011-08-15

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