The potential problem of reverse causality has been obvious to everyone. It has usually been met with the standard econometric dodge: using lagged values of slow-moving variables as instruments. But this cannot be a serious solution to the problem. The causality issue points to a deeper question: Do cross-country regressions define a meaningful surface along which countries can move back and forth at will? If this is the idea, what mechanism could...
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2001/05/01
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Artículo de periódico
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77351
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1
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1
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2013/05/21
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Disclosed
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Applying growth theory across countries : what have we learned from a decade of empirical research on growth?
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potential output
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