This paper tests the main postulates of the Sraffian supermultiplier model for the case of 16 European economies during the period 1995–2018. We adopt the methodology of Girardi and Pariboni (2016) and extend it to a panel framework. We apply panel unit root, cointegration, and causality tests that are robust to endogenous regressors, cross-sectional dependence and heterogeneity across countries. Our results are supportive of the Sraffian supermultiplier model. In a heterogeneous panel framework, autonomous demand and output follow a long-run equilibrium relationship and there exists panel long-run causality that goes unidirectionally from autonomous demand to output. We also empirically verify the investment accelerator (the mechanism that enables the dynamic stability of the model) by confirming the existence of same-sign panel causality running unidirectionally from the growth rate of autonomous demand to the investment share. Our results call for national economic policies aimed at promoting the components of autonomous demand that act as locomotives of growth in each country. Classification†JEL: B12, B23, E12

中文翻译：

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自主支出和诱导投资：欧洲国家 Sraffian 超级乘数模型的面板检验

本文以 1995 年至 2018 年期间 16 个欧洲经济体的案例检验了 Sraffian 超级乘数模型的主要假设。我们采用 Girardi 和 Pariboni (2016) 的方法并将其扩展到面板框架。我们应用面板单位根、协整和因果关系检验，这些检验对内生回归量、横截面依赖性和国家间的异质性具有鲁棒性。我们的结果支持 Sraffian 超级乘数模型。在异构面板框架中，自主需求和产出遵循长期均衡关系，存在从自主需求到产出单向发展的面板长期因果关系。我们还通过确认存在从自主需求增长率到投资份额单向运行的同符号面板因果关系，对投资加速器（使模型动态稳定的机制）进行了实证验证。我们的结果呼吁国家经济政策旨在促进​​作为每个国家增长火车头的自主需求的组成部分。分类 - JEL：B12、B23、E12