The stability of the growth process, whether growth rates are rising, falling, or constant, is one of the central questions of economic growth theory. We use recently developed techniques for identifying structural change in economic time series, and find evidence of multiple breaks in per capita real GDP of the G7 countries over the past 120 years. Once determined, these breaks are used to delineate time periods. Although there is some evidence of individual periods of slowdowns, the overall tendency appears to be one of increasing steady state growth over the long run.
|Number of pages||11|
|State||Published - Apr 2000|