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Worldwide Persistence, Business Cycles, and Economic Growth

Reizman, Raymond G. and Whiteman, Charles H. (1990) Worldwide Persistence, Business Cycles, and Economic Growth. Social Science Working Paper, 719. California Institute of Technology , Pasadena, CA. (Unpublished)

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We study the time series properties of aggregate data drawn from the Penn World Tables using numerical Bayesian procedures which facilitate inference with small samples. We find substantial persistence in world aggregates, and some evidence for a world business cycle. Across economies, there is great dispersion in our measure of persistence of shocks to real gross domestic product. That we also find no evidence of a relationship between growth and persistence sheds light on which of two competing models of endogenous growth is likely to be able to explain the PWT data.

Item Type:Report or Paper (Working Paper)
Additional Information:We thank Patty Brislin for helping us organize the PWT4 data.
Group:Social Science Working Papers
Series Name:Social Science Working Paper
Issue or Number:719
Record Number:CaltechAUTHORS:20170901-144231733
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Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:81098
Deposited By: Jacquelyn Bussone
Deposited On:05 Sep 2017 23:39
Last Modified:03 Oct 2019 18:38

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