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Política y cultura

versão impressa ISSN 0188-7742


ZAMORA ORTIZ, José Luis  e  FARFAN CABRERA, María Teresa. Growth restricted by balance of payments and structural change in the economy of the United States. Polít. cult. [online]. 2017, n.48, pp.179-200. ISSN 0188-7742.

This study applies the balance-of-payments constrained growth model to the economy of the United States and considers the possible existence of a structural break when estimating the model. We use the cointegration test proposed by Gregory and Hansen to estimate the parameters. Short-term adjustments are explored using error correction vectors. It was found that the average growth rate predicted by the balance-of-payments constrained growth model is very similar to the true average growth rate over the study period (1970-2015).

Palavras-chave : Thirlwall’s law; economic growth; structural change; United States; cointegration.

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