Testing for country heterogeneity in growth models using a finite mixture approach

被引：45

作者：

Alfo, Marco ^{[2
]}

Trovato, Giovanni ^{[1
]}

Waldmann, Robert J. ^{[1
]}

机构：

[1] Univ Roma Tor Vergata, Dipartimento Econ & Ist, I-00133 Rome, Italy

[2] Univ Roma La Sapienza, Dipartimento Stat Probabilita & Stat Applicate, Rome, Italy

来源：

JOURNAL OF APPLIED ECONOMETRICS | 2008年 / 23卷 / 04期

关键词：

D O I：

10.1002/jae.1008

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We define a bivariate mixture model to test whether economic growth can be considered exogenous in the Solovian sense. For this purpose, the multivariate mixture approach proposed by Alfo and Trovato is applied to the Bernanke and Gurkaynak extension of the Solow model. We find that the explanatory power of the Solow growth model is enhanced, since growth rates are not statistically significantly associated with investment rates, when cross-country heterogeneity is considered. Moreover, no sign of convergence to a single equilibrium is found. Copyright (C) 2008 John Wiley & Sons, Ltd.

引用

页码：487 / 514

页数：28

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