Long-run growth in the OECD: A test of the parallel growth paths hypothesis
AbstractA prediction of a class of neoclassical growth models is that countries with similar levels of integration in the world economy will have parallel long-run growth paths. We test this hypothesis for the OECD, using estimates of long-run mean growth rates of per capita output for each country for the period 1870-2005. The results show strong evidence for unconditional [beta]-convergence only in the post-WWII period of 1951-1974. The results serve as a caution against drawing inferences regarding long-run growth patterns from this sample of countries when the time frame includes the post-WWII golden-age period.
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Bibliographic InfoArticle provided by Elsevier in its journal Explorations in Economic History.
Volume (Year): 46 (2009)
Issue (Month): 3 (July)
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Web page: http://www.elsevier.com/locate/inca/622830
O33 047 F43 Economic growth Convergence Technological change Golden age;
Find related papers by JEL classification:
- O33 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
- 047 - - - - - -
- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
- Eco - Macroeconomics and Monetary Economics - - - - -
- gro - - - - - -
- Con - Mathematical and Quantitative Methods - - - - -
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- Gol - Financial Economics - - - - -
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