Testing Significance of Macroeconomic Variables in Explaining Aggregate Economic Growth: A Cross-Country Study [post]

Md Arifur Rahman
2021 unpublished
The paper studies the relationship between the aggregate economic growth and the macroeconomic variables during the period 1977-2016. A first-order autocorrelation in the dependent and independent variables was detected. The residuals of the ordinary least squares (OLS) model were also affected by heteroscedasticity. By applying multiple econometric estimation techniques, the study finds that annual consumption growth, government expenditure growth, and gross savings to GDP ratio are the most
more » ... atio are the most statistically significant macroeconomic variables in explaining the change in aggregate economic growth.
doi:10.21203/rs.3.rs-307281/v1 fatcat:ierxvzlxlvhedjnrdd4qygtsum