Unit Roots and Infrequent Large Shocks: New International Evidence on Output Growth
用Balke和Fomby的方法识别G7国家产出增长的趋势断点，发现断点成簇出现，并检验单位根假设，对意大利、日本和英国可拒绝单位根，表明其产出增长方差由低频高幅冲击主导。
The authors examine output growth for the G-7 countries. They use Nathan S. Balke and Thomas Fomby's procedure to identify the date and type of trend breaks, and note that these occur in clusters. The authors estimate country-specific intervention models and test the unit root hypothesis. Their critical values explicitly take account of the prior outliner search procedure. For Italy, Japan, and the United Kingdom, the unit root null hypothesis can be rejected. This suggests that the variance of output growth in these countries is generated by low-frequency, high-magnitude shocks rather than high-frequency, low-magnitude shocks. Copyright 1995 by Ohio State University Press.