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A model of the Keynesian theory for Portugal. Another approach

Martinho, Vítor João Pereira Domingues (2011): A model of the Keynesian theory for Portugal. Another approach.

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Abstract

With this work we try to present an alternative model for Portugal based on the Keynesian theory. We built the model testing the validity of the well known “Verdoorn´s Law” which considers the relationship between the growth of productivity and output in the case of the Portuguese economy at a regional and sectoral levels (NUTs II) for the period 1995-1999. The importance of some additional variables in the original specification of Verdoorn´s Law is also tested, such as, trade flows, capital accumulation and labour concentration.

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