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Can Transition Dynamics Explain The International Output Data?

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Author Info
PAPAGEORGIOU, CHRIS
PEREZ-SEBASTIAN, FIDEL

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Abstract

This paper studies the transition dynamics predictions of an R D-based growth model, and evaluates their performance in explaining income disparities across nations. We find that the fraction of the observed cross-country income variation explained by the transitional dynamics of the model is as large as the one accounted for by existing steady-state level regressions. Our results suggest that the traditional view of a world in which nations move along their distinct balanced-growth paths is as likely as the one in which countries move along adjustment paths toward a common (very long run) steady state.

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Publisher Info
Article provided by Cambridge University Press in its journal Macroeconomic Dynamics.

Volume (Year): 8 (2004)
Issue (Month): 04 (September)
Pages: 466-492
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Handle: RePEc:cup:macdyn:v:8:y:2004:i:04:p:466-492_03

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Chris Papageorgiou & Fidel Perez-Sebastian, . "Is the Speed of Convergence a Good Proxy for the Transitional Growth Path?," Departmental Working Papers 2005-10, Department of Economics, Louisiana State University. [Downloadable!]
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