Does Real Uk Gdp Have a Unit Root? Evidence From a Multi-Century Perspective

dc.authorscopusid 6504067358
dc.authorscopusid 18037301200
dc.authorscopusid 7406289288
dc.authorscopusid 23978235900
dc.contributor.author Canarella, Giorgio
dc.contributor.author Gupta, Rangan
dc.contributor.author Millera, Stephen M.
dc.contributor.author Omay, Tolga
dc.contributor.other Economics
dc.date.accessioned 2024-07-05T15:40:23Z
dc.date.available 2024-07-05T15:40:23Z
dc.date.issued 2020
dc.department Atılım University en_US
dc.department-temp [Canarella, Giorgio; Millera, Stephen M.] Univ Nevada, Dept Econ, Las Vegas, NV 89154 USA; [Gupta, Rangan] Univ Pretoria, Dept Econ, Pretoria, South Africa; [Omay, Tolga] Atilim Univ, Dept Econ, Ankara, Turkey en_US
dc.description.abstract We employ linear and nonlinear unit-root tests to examine the stationarity of five multi-century historical U.K. series of real output compiled by the Bank of England. Three series span 1270 to 2016 and two series span 1700 to 2016. These datasets represent the longest span of historical real output data available and, thus, provide the environment for which unit-root tests are most powerful. A key feature of our test is its simultaneous allowance for two types of nonlinearity: time-dependent (structural breaks) nonlinearity and state-dependent (asymmetric adjustment) nonlinearity. The key finding of the test, contrary to what other more popular nonlinear unit-root tests suggest, provides strong evidence that the main structure of the five series is a stationary process characterized by an asymmetric nonlinear adjustment and a permanent break affecting both the intercept and the trend. A major policy implication of this finding is fiscal and/or monetary stabilization policies have only temporary effects on the output levels of the United Kingdom. en_US
dc.identifier.citationcount 4
dc.identifier.doi 10.1080/00036846.2019.1655138
dc.identifier.endpage 1087 en_US
dc.identifier.issn 0003-6846
dc.identifier.issn 1466-4283
dc.identifier.issue 10 en_US
dc.identifier.scopus 2-s2.0-85072098282
dc.identifier.startpage 1070 en_US
dc.identifier.uri https://doi.org/10.1080/00036846.2019.1655138
dc.identifier.uri https://hdl.handle.net/20.500.14411/3334
dc.identifier.volume 52 en_US
dc.identifier.wos WOS:000484909600001
dc.identifier.wosquality Q2
dc.institutionauthor Omay, Tolga
dc.language.iso en en_US
dc.publisher Routledge Journals, Taylor & Francis Ltd en_US
dc.relation.publicationcategory Makale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanı en_US
dc.rights info:eu-repo/semantics/openAccess en_US
dc.scopus.citedbyCount 3
dc.subject Unit root en_US
dc.subject time-dependence en_US
dc.subject nonlinearity en_US
dc.subject state-dependence en_US
dc.subject Fourier function en_US
dc.title Does Real Uk Gdp Have a Unit Root? Evidence From a Multi-Century Perspective en_US
dc.type Article en_US
dc.wos.citedbyCount 4
dspace.entity.type Publication
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