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On the probability distribution of economic growth
Stockholm University, Faculty of Social Sciences, Department of Statistics.
Stockholm University, Faculty of Social Sciences, Department of Statistics.
2011 (English)In: Journal of Applied Statistics, ISSN 0266-4763, E-ISSN 1360-0532, Vol. 38, no 9, 2023-2041 p.Article in journal (Refereed) Published
Abstract [en]

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.

Place, publisher, year, edition, pages
2011. Vol. 38, no 9, 2023-2041 p.
Keyword [en]
The Aghion-Howitt model, asymmetric innovations, mixed normal-asymmetric Laplace distribution, kernel density estimation, method of moments estimation
National Category
Probability Theory and Statistics
Identifiers
URN: urn:nbn:se:su:diva-74045DOI: 10.1080/02664763.2010.545110ISI: 000298921300018OAI: oai:DiVA.org:su-74045DiVA: diva2:506688
Note
authorCount :2Available from: 2012-02-29 Created: 2012-02-28 Last updated: 2017-12-07Bibliographically approved

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