This paper evaluates typical exogenous and endogenous growth models in light of their transitional dynamics implications. Rather than selecting a very special stochastic process of technology shock so as to match a specific output process, we assume only a simple AR transitory shock in both growth models. After deriving the growth rate of output under the two models, this paper tests the cross-equation restrictions for 24 OECD countries' output growth rates. We find all but one of the growth series pass the endogenous growth hypothesis. However, even with the transitional dynamics implications in both models, in 75% of the OECD countries the output dynamics are observationally equivalent between the endogenous and the exogenous growth models.
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