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Are shocks to real output permanent or transitory? Evidence from a panel of Pacific Island countries

Mishra, Vinod, Sharma, Susan and Smyth, Russell 2009, Are shocks to real output permanent or transitory? Evidence from a panel of Pacific Island countries, Pacific economic bulletin, vol. 24, no. 1, pp. 65-82.

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Title Are shocks to real output permanent or transitory? Evidence from a panel of Pacific Island countries
Author(s) Mishra, Vinod
Sharma, Susan
Smyth, Russell
Journal name Pacific economic bulletin
Volume number 24
Issue number 1
Start page 65
End page 82
Total pages 18
Publisher Asia Pacific Press
Place of publication Canberra, A. C. T.
Publication date 2009-11
ISSN 0817-8038
1834-9455
Summary Panel unit root and stationarity tests without structural breaks suggest that for eight Pacific island economies real gross domestic product (GDP) per capita contains a unit root. The panel stationarity test that accommodates structural change in the trend function, however, finds evidence in favour of regimewise trend stationarity. This result points to the importance of taking structural breaks into account. The finding implies that, for the period considered, the permanent secular component of output is dominated by transitory fluctuations accompanied by infrequent changes in the trend function. The only exceptions are Fiji and Kiribati, for which individual stationarity tests with multiple structural breaks suggest that real GDP per capita contains a unit root.
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Language eng
Field of Research 149999 Economics not elsewhere classified
Socio Economic Objective 970114 Expanding Knowledge in Economics
HERDC Research category C1.1 Refereed article in a scholarly journal
Copyright notice ©2009, The Australian National University
Persistent URL http://hdl.handle.net/10536/DRO/DU:30036647

Document type: Journal Article
Collections: School of Accounting, Economics and Finance
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