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Dynamic Structural Changes in Selected European Countries, with a Comparison with Japan and the United States

  • Bernhard Böhm
  • Lionello F. Punzo
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Abstract

We analyse a set of data on the development of three European countries, Japan, and the US over the last two decades, proposing a characterization of certain phenomena which are taken to represent structural changes. To interpret such ‘dynamic discontinuities’ we employ a descriptive framework derived from dynamical systems theory. Our method departs from traditional and modern growth theories as we use a more disaggregated description of the economy and focus on the interplay of distinct, typically fluctuating, paths instead of assuming the existence of long-run steady states and looking, accordingly, for them. This dynamic framework is developed in Section 2.2 against the background of established growth theory. Then, it is used in the subsequent sections for the presentation of stylized facts of the structural dynamics observed in the countries mentioned, and in its interpretation in terms of growth cycles with bifurcation events.

Keywords

Business Cycle European Economy Stylize Fact Growth Path Innovative Behaviour 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Lionello F. Punzo with Bernhard Böhm 2000

Authors and Affiliations

  • Bernhard Böhm
    • 1
  • Lionello F. Punzo
    • 1
  1. 1.TU ViennaAustria and University of SienaItaly

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