Revisiting the Mankiw et al. (1992) growth regressions

Authors

  • Spyridon Boikos
  • Theodore Panagiotidis University of Macedonia, Greece
  • Elisavet Serenidou
  • Thanasis Stengos

DOI:

https://doi.org/10.17811/ebl.12.3.2023.241-247

Keywords:

Economic Growth, Human capital, Education, Neoclassical model

Abstract

We revisit the famous Mankiw et al 1992 (MRW) paper by updating the data for the periods 1960-2015, 1970-2015 and 1990-2015. We present results for the Solow, the augmented Solow model and the conditional convergence on saving rates, population growth and human capital. The augmented model fits the data better. Human capital remains significant and higher than the MRW estimates for both the augmented model and the conditional convergence. The updated dataset highlights that the importance of human capital for growth is higher than MRW have demonstrated to be. The datasets for reproduction are also provided.

References

Acemoglu, A., (2009), Introduction to Modern Economic Growth, Princeton University Press, 91-93

Bernanke, B. S., & Gürkaynak, R. S. (2001). Is growth exogenous? Taking Mankiw, Romer, and Weil serious-ly. NBER macroeconomics annual, 16, 11-57.

Breton, T. R. (2013). Were Mankiw, Romer, and Weil right? A reconciliation of the micro and macro effects of schooling on income. Macroeconomic Dynamics, 17(5), 1023-1054.

Campante, F., Sturzenegger, F., & Velasco, A. (2021). Advanced macroeconomics: an easy guide. LSE Press, 96-97

Mankiw, N. G., Romer, D., & Weil, D. N. (1992). A contribution to the empirics of economic growth. The quarterly journal of economics, 107(2), 407-437.

Mello, M., & Perrelli, R. (2003). Growth equations: a quantile regression exploration. The Quarterly Review of Economics and Finance, 43(4), 643-667.

Downloads

Additional Files

Published

09-10-2023

How to Cite

Boikos, S., Panagiotidis, T., Serenidou, E., & Stengos, T. (2023). Revisiting the Mankiw et al. (1992) growth regressions. Economics and Business Letters, 12(3), 241–247. https://doi.org/10.17811/ebl.12.3.2023.241-247

Issue

Vol. 12 No. 3 (2023): September - Special Issue selected papers from AMEF 2022 Greece (Editor-in-Charge: Theodore Panagiotidis)

Section

Special Section

License

The works published in this journal are subject to the following terms:

1. Oviedo University Press (the publisher) retains the property rights (copyright) of published works, and encourages and enables the reuse of the same under the license specified in paragraph 2.

© Ediuno. Ediciones de la Universidad de Oviedo / Oviedo University Press

2. The works are published in the online edition of the journal under a Creative Commons Attribution-Non Commercial-Non Derives 3.0 Spain (legal text). You can copy, use, distribute, transmit and publicly display, provided that: i) you cite the author and the original source of publication (journal, publisher and URL of the work), ii) they are not used for commercial purposes, iii) mentions the existence and specifications of this license.

3. Conditions of self-archiving. The author can archive the post-print version of the article (publisher’s version) on the author’s personal website and/or on the web of  the institution where he belong, including a link to the page of the journal and putting the way of citation of the work. Economics and Business Letters and its URL https://reunido.uniovi.es/index.php/EBL/index are the only authorized source for correctly giving the reference of the publisher’s version in every mention of the article.