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01150 am a22001453u 4500 |
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380119 |
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|a dc
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|a Azomahou, Theophile
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|a Tapas, Mishra
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|a Parhi, Mamata
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|a Economic growth under stochastic population and pollution shocks
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|c 2015-04.
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|z Get fulltext
|u https://eprints.soton.ac.uk/380119/1/Mishra-Manchester-School-2015.pdf
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|a We study dynamics of interactions among economic growth, population, and environmental quality when stochastic shocks in these systems display long-memory property. We make two important contributions. First, we show that the long-memory persistence in economic growth is determined jointly by the convergence speed of shocks in both environmental quality and population. Second, by simulating a modified Solow-Swan economy we demonstrate that the convergence-speed of shocks in these systems significantly affects the long-run growth trajectory of output. Our empirical examination evince that adjustment of output to long-run equilibrium is very slow, thanks to the slowly dissipating population and pollution shocks
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