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What Does the Solow Model Tell Us about Economic Growth?

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  • Okada Toshihiro

    (School of Economics, Kwansei Gakuin University)

Abstract

This paper presents, within a framework of the Solow model, evidence that there are significant differences in convergence patterns across subsamples. It shows that although OECD countries and the countries converging to their steady states from above follow a pattern of conditional convergence, those converging to their steady states from below do not. This result is best explained by the idea that technology diffusion has a large effect mainly on the countries converging to their steady states from below.

Suggested Citation

  • Okada Toshihiro, 2006. "What Does the Solow Model Tell Us about Economic Growth?," The B.E. Journal of Macroeconomics, De Gruyter, vol. 6(1), pages 1-30, April.
    • Handle: RePEc:bpj:bejmac:v:contributions.6:y:2006:i:1:n:5
    DOI: 10.2202/1534-6005.1228
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    Cited by:

    1. R. Anton Braun & Toshihiro Okada & Nao Sudou, 2006. "U.S. R&D and Japanese Medium Term Cycles," Bank of Japan Working Paper Series 06-E-6, Bank of Japan.
    2. Jochonia S Mathunjwa & Jonathan Temple, 2006. "Convergence behaviour in exogenous growth models," Bristol Economics Discussion Papers 06/590, School of Economics, University of Bristol, UK.

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