Stabilization Policy, Learning-by-Doing, and Economic Growth

Martin, Philippe; Rogers, Carol Ann

doi:10.1093/oxfordjournals.oep.a028601

Cited by 117 publications

(81 citation statements)

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“…The estimated coefficient for growth volatility is negative and statistically significant. This suggests that uncertainty in growth decreases TFP, which is consistent with the theory of a negative relationship between volatility and growth through the productivity channel (see Martin and Rogers, 1997;and Talvi and Végh, 2000).…”

Section: Estimatessupporting

confidence: 87%

“…The negative estimated coefficient is consistent with Bernanke (1983), Pindyck (1991), Ramey (1991, 1995), Aizenman and Marion (1993), Martin andRogers (1997), Caballero (2000), and Talvi and Végh (2000). Similar to the AR specification, the coefficients for the lag values of the growth variable are not interpreted because they are used to capture the dynamics of the series.…”

Section: Estimatesmentioning

confidence: 70%

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Effects of growth volatility on economic performance – Empirical evidence from Turkey

Berument

Dinçer

Mustafaoglu

2012

European Journal of Operational Research

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a b s t r a c tThis paper examines the relationship between growth and growth volatility for a small open economy with high growth volatility: Turkey. Quarterly data for the period from 1987Q1 to 2007Q3 suggests that growth volatility reduces growth and that this result is robust under different specifications. This paper contributes to the literature by focusing on how growth volatility affects a set of variables that are crucial for growth. Empirical evidence from Turkey suggests that higher growth volatility reduces total factor productivity, investment, and the foreign currency value of local currency (depreciation). Moreover, it increases employment, though the evidence for this is not statistically significant.Crown

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Section: Estimatessupporting

confidence: 87%

Section: Estimatesmentioning

confidence: 70%

Effects of growth volatility on economic performance – Empirical evidence from Turkey

Berument

Dinçer

Mustafaoglu

2012

European Journal of Operational Research

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“…Martin and Rogers (1997) employ an endogenous growth model in which labor productivity is augmented through learning by doing to show that recessions are periods in which opportunities for acquiring experience and improving productivity are foregone.…”

Section: Introductionmentioning

confidence: 99%

Output collapses and productivity destruction

2010

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The views and interpretations in this document are those of the authors and should not be attributed to the Inter-American Development Bank, or to any individual acting on its behalf. This paper may be freely reproduced provided credit is given to the Research Department, InterAmerican Development Bank. Terms of use: Documents inThe Research Department (RES) produces a quarterly newsletter, IDEA (Ideas for Development in the Americas), as well as working papers and books on diverse economic issues. To obtain a complete list of RES publications, and read or download them please visit our web site at: http://www.iadb.org/res. 3 Abstract *This paper analyzes the long-run relationship between output collapses-defined defined as GDP falling substantially below trend-and total factor productivity (TFP), using a panel of 71 developed and developing countries during the period 1960-2003 to identify episodes of output collapse and estimate counterfactual post-collapse TFP trends. Collapses are concentrated in developing countries, especially African and Latin American, and were particularly widespread in the 1980s in Latin America. Overall, output collapses are systematically associated with long-lasting declines in TFP. The paper explores the conditions under which collapses are least or most damaging, as well as the type of shocks that make collapses more likely or severe, and additionally quantifies the welfare cost associated with output collapses. JEL Classification: F43, O40

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“…In short, the literature indicates that the relationship between volatility and economic growth may be: 1) independent -the mainstream; 2) negative -e.g. Bernanke (1983), Pindyck (1991), Ramey & Ramey (1995), Miller (1996), Rogers (1997 and2000), and Kneller & Young (2001); or 3) positivee.g. Mirman (1971), Kormendi & Meguire (1985), Black (1987), Grier & Tullock (1989), Bean (1990), Saint-Paul (1993), Blackburn, (1999, and Fountas & Karanasos (2006).…”

Section: Volatility and Economic Growthmentioning

confidence: 99%