On the probability distribution of economic growth
Copyright policy )On the probability distribution of economic growth
Three important and significantly heteroscedastic gross domestic product series are studied. Omnipresent heteroscedasticity is removed and the distributions of the series are then compared to normal, normal mixture and normal–asymmetric Laplace (NAL) distributions. NAL represents a skewed and leptokurtic distribution, which is in line with the Aghion and Howitt [1] model for economic growth, based on Schumpeter's idea of creative destruction. Statistical properties of the NAL distributions are provided and it is shown that NAL fits the data better than the alternatives.
- Stockholm University Sweden
The Aghion-Howitt model, asymmetric innovations, mixed normal- asymmetric Laplace distribution, Kernel density estimation, Method of Moments estimation., jel: jel:C16
The Aghion-Howitt model, asymmetric innovations, mixed normal- asymmetric Laplace distribution, Kernel density estimation, Method of Moments estimation., jel: jel:C16
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