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Indeterminacy and the distribution of growth rates

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  • Alfred Greiner

    ()
    (University of Bielefeld, Department of Economics)

  • Jens J. Krueger

    ()
    (Friedrich-Schiller-University Jena, Department of Economics)

Abstract

In endogenous growth theory models exist which are characterized by local and global indeterminacy. These concepts imply that economies differ with respect to their growth rates on the transition path (local indeterminacy) as well as their long-run growth rates (global indeterminacy). While the empirical density function of the levels of aggregate GDP has been the subject of a great many studies, the distribution of the growth rates has not yet been analyzed. In this paper, recent research on the evolution of the world income distribution is expanded by an analysis of the evolution of the distribution of growth rates for a sample of 104 countries. It is found that this distribution is remarkably stable over the period 1960-90.

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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 15 (2001)
Issue (Month): 6 ()
Pages: 1-8

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Handle: RePEc:ebl:ecbull:eb-01o40003

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  1. Charles I. Jones, . "On the Evolution of the World Income Distribution," Working Papers, Stanford University, Department of Economics 97009, Stanford University, Department of Economics.
  2. Paapaa, Richard & van Dijk, Herman K., 1998. "Distribution and mobility of wealth of nations," European Economic Review, Elsevier, Elsevier, vol. 42(7), pages 1269-1293, July.
  3. Danny Quah, 1992. "Empirical cross-section dynamics in economic growth," Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis 75, Federal Reserve Bank of Minneapolis.
  4. S Durlauf & Danny Quah, 1998. "The New Empirics of Economic Growth," CEP Discussion Papers, Centre for Economic Performance, LSE dp0384, Centre for Economic Performance, LSE.
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  6. Jess Benhabib & Roger E.A. Farmer, 1992. "Indeterminacy and Increasing Returns," UCLA Economics Working Papers, UCLA Department of Economics 646, UCLA Department of Economics.
  7. Quah, Danny, 1993. " Galton's Fallacy and Tests of the Convergence Hypothesis," Scandinavian Journal of Economics, Wiley Blackwell, Wiley Blackwell, vol. 95(4), pages 427-43, December.
  8. Quah, Danny T, 1997. " Empirics for Growth and Distribution: Stratification, Polarization, and Convergence Clubs," Journal of Economic Growth, Springer, Springer, vol. 2(1), pages 27-59, March.
  9. Quah, Danny T., 1996. "Empirics for economic growth and convergence," European Economic Review, Elsevier, Elsevier, vol. 40(6), pages 1353-1375, June.
  10. Alfred Greiner & Willi Semmler, 1996. "Multiple steady states, indeterminacy, and cycles in a basic model of endogenous growth," Journal of Economics, Springer, Springer, vol. 63(1), pages 79-99, February.
  11. Danny Quah, 1996. "Twin Peaks: Growth and Convergence in Models of Distribution Dynamics," CEP Discussion Papers, Centre for Economic Performance, LSE dp0280, Centre for Economic Performance, LSE.
  12. Bianchi, Marco, 1997. "Testing for Convergence: Evidence from Non-parametric Multimodality Tests," Journal of Applied Econometrics, John Wiley & Sons, Ltd., John Wiley & Sons, Ltd., vol. 12(4), pages 393-409, July-Aug..
  13. Xavier Raurich-Puigdevall, 2000. "Global indeterminacy in an endogenous-growth model with public capital," Journal of Economics, Springer, Springer, vol. 71(3), pages 255-280, October.
  14. Quah, Danny, 1997. "Empirics for Growth and Distribution: Stratification, Polarization, and Convergence Clubs," CEPR Discussion Papers, C.E.P.R. Discussion Papers 1586, C.E.P.R. Discussion Papers.
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