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标题：Are 19 Developed Countries' Real Per Capita GDP levels Non-stationary? A Revisit
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作者：Shyh-Wei Chen
期刊名称：Economics Bulletin
电子版ISSN：1545-2921
出版年度：2008
卷号：3
出版社：Economics Bulletin
摘要：By using an extended dataset for 19 developed countries, this study employs a recent unit root test to re-examine the issue of the non-stationarity of real per capita GDP. The results convincingly support the view that the real per capita GDPs of Australia, France, Germany, Japan, the UK and the USA are characterized by a stationary process if the one-break unit root test is employed. Moreover, we can reject 11 of 19 countries' real per capita GDP if the two-break unit root test is employed. This is consistent with the view that business cycles exhibit stationary fluctuations around a deterministic trend.