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On the Mechanics of Economic Convergence

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Author Info
Thomas M. Steger

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Abstract

The speed at which an economy converges to its steady state is investigated by using a general non-scale R&D-based growth model. To accomplish this task, an analytical decomposition formula for the instantaneous rate of convergence is developed. By applying this decomposition to the model under study, the driving forces behind the convergence process are identified. Two convergence mechanisms are distinguished: the accumulation-decumulation mechanism and the resource-reallocation mechanism. The relative importance of the different convergence mechanisms is assessed using numerical techniques. Moreover, it is shown that the specific shock being considered might be crucial for the instantaneous rate of convergence. Copyright Verein für Socialpolitik and Blackwell Publishing Ltd. 2006.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1468-0475.2006.00158.x
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Publisher Info
Article provided by Blackwell Publishing in its journal German Economic Review.

Volume (Year): 7 (2006)
Issue (Month): (08)
Pages: 317-337
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Handle: RePEc:bla:germec:v:7:y:2006:i::p:317-337

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  8. Charles I. Jones & John C. Williams, . "Too Much of a Good Thing? The Economics of Investment in R&D," Working Papers 95006, Stanford University, Department of Economics.
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  9. Theo S. Eicher & Stephen J. Turnovsky & Uwe Walz, 2000. "Optimal Policy for Financial Market Liberalizations: Decentralization and Capital Flow Reversals," German Economic Review, Blackwell Publishing, vol. 1(1), pages 19-42, 02. [Downloadable!] (restricted)
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  11. Eicher, Theo S & Turnovsky, Stephen J, 1999. "Non-scale Models of Economic Growth," Economic Journal, Royal Economic Society, vol. 109(457), pages 394-415, July. [Downloadable!] (restricted)
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