Template-type: ReDIF-Paper 1.0
Author-Name: Thomas Lustenberger
Author-Name-First: Thomas
Author-Name-Last: Lustenberger
Author-Person: plu399
Title: Has the American Output Growth Path Experienced a Permanent Change?
Abstract: In this paper, I derive and apply three univariate methods and one bi-variate method to estimate permanent and transitory components of the American output growth path during the 1790 to 2017 period. The results show that statistical tests give little support to the hypothesis of significant permanent growth rate changes (univariate methods). The "special century" (1870-1970, as defined by Gordon (2016)) exhibited more volatile permanent shifts in the output level compared to recent decades (bivariate method).
Length: 34 pages
Creation-Date: 2018
Contact-Email: forschung@snb.ch
File-URL: https://www.snb.ch/en/publications/research/working-papers/2018/working_paper_2018_14
File-Format: text/html
Number: 2018-14
Classification-JEL: E32, E47
Keywords: Output growth, business cycle, permanent and transitory components
Handle: RePEc:snb:snbwpa:2018-14