Some Univariate Time Series Properties of Output

Number: 
100
Published: 
Classification JEL: 
C22, E23
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy

This paper deals with the size of the random walk property of Colombia´s output in two periods 1925-1994 and 1950-1994. GDP and GDPPC were both found to be integrated of order one a result which is very well known. The sequences are highly persistent, spe