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Department of Economics, WU (Wirtschaftsuniversität Wien) Working papers, Department of Economics, WU (Wirtschaftsuniversität Wien)

No 60:
Growth Theories and the Persistence of Output Fluctuations: The Case of Austria

Christian Ragacs (), Thomas Steinberger and Martin Zagler ()

Abstract: The paper analyses the degree of output persistence in GDP in order to empirically discriminate between the Solow growth model, the perfect competition endogenous growth model, the imperfect competition endogenous growth model, and the subcase of a multiple equilibria model of endogenous growth for the case of Austria. We find that a temporary shock in the growth rate of output induces a permanent and larger effect on the level of GDP. This leads us to refute the Solow growth model and the perfect competition model. We find strong empirical support for the imperfect competition growth model, but cannot fully rule out the possibility of multiple equilibria growth rates.

Keywords: Austria; output persistence; endogenous growth; univariate time series analysis; (follow links to similar papers)

JEL-Codes: C22,; O47,; O52; (follow links to similar papers)

September 1998

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