An application of a Kaldorian export-led model of growth to the United States

Abstract

A Kaldorian export-led model of growth is analysed using post-Second World War United States data. The structural parameter restrictions of the model are confirmed by the estimates. Kaldor's model, which was originally conceived to be illuminating for describing a region or a small open economy, is able to describe the annual fluctuations in the growth rate of a large open economy like that of the United States with only minor adjustments.