How great are the great ratios?
The balanced growth and neoclassical stochastic growth literatures imply stationarity of certain macroeconomic 'great ratios'. Four such ratios are considered: consumption:output, investment:output, the real interest rate and real money supply growth, and evidence for ratio stationarity in...
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| Veröffentlicht in: | Applied economics 2003-01, Vol.35 (2), p.163-177 |
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| container_title | Applied economics |
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| creator | Harvey, David I. Leybourne, Stephen J. Newbold, Paul |
| description | The balanced growth and neoclassical stochastic growth literatures imply stationarity of certain macroeconomic 'great ratios'. Four such ratios are considered: consumption:output, investment:output, the real interest rate and real money supply growth, and evidence for ratio stationarity in the G7 countries is examined. Univariate unit root and stationarity tests are performed, and analysis of the cointegrating relations between output, consumption and investment is conducted. Almost no evidence of stationarity is found for the consumption:output and investment:output great ratios. Empirical evidence supports real money supply growth stationarity, but is more mixed for the real interest rate. |
| doi_str_mv | 10.1080/0003684022000015865 |
| format | Article |
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| ispartof | Applied economics, 2003-01, Vol.35 (2), p.163-177 |
| issn | 0003-6846 1466-4283 |
| language | eng |
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| source | RePEc; EBSCOhost Business Source Complete |
| subjects | Applied economics Consumption Economics Growth theory Interest rates Investment Macroeconomics Monetary economics Monetary theory Money supply Ratios Statistical analysis Stochastic models Studies |
| title | How great are the great ratios? |
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