Twin Peaks: Growth and Convergence in Models of Distribution Dynamics
AbstractConvergence concerns poor economies catching up with rich ones. At issue is what happens to the cross sectional distribution of economies, not whether a single economy tends towards its own steady state. It is the latter, however, that has preoccupied the traditional approach to convergence analysis. This paper describes a body of research that overcomes this shortcoming in the traditional approach. The new findings--on persistence and stratification, on the formation of convergence clubs, and on the distribution polarizing into twin peaks of rich and poor--suggest the relevance of a class of theoretical ideas different from the production-function accounting traditionally favored. Copyright 1996 by Royal Economic Society.
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Bibliographic InfoArticle provided by Royal Economic Society in its journal The Economic Journal.
Volume (Year): 106 (1996)
Issue (Month): 437 (July)
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Other versions of this item:
- Quah, Danny, 1996. "Twin Peaks: Growth and Convergence in Models of Distribution Dynamics," CEPR Discussion Papers 1355, C.E.P.R. Discussion Papers.
- C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
- O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
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.:
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- Loury, Glenn C, 1981. "Intergenerational Transfers and the Distribution of Earnings," Econometrica, Econometric Society, vol. 49(4), pages 843-67, June.
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"Efficient Equilibrium Convergence : Heterogeneity and Growth,"
91-16, University of Iowa, Department of Economics.
- Tamura, Robert, 1992. "Efficient equilibrium convergence: Heterogeneity and growth," Journal of Economic Theory, Elsevier, vol. 58(2), pages 355-376, December.
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