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Long-run growth in the OECD: A test of the parallel growth paths hypothesis

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  • Landon-Lane, John S.
  • Robertson, Peter E.

Abstract

A 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 Info

Article provided by Elsevier in its journal Explorations in Economic History.

Volume (Year): 46 (2009)
Issue (Month): 3 (July)
Pages: 346-355

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Handle: RePEc:eee:exehis:v:46:y:2009:i:3:p:346-355

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Web page: http://www.elsevier.com/locate/inca/622830

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Keywords: O33 047 F43 Economic growth Convergence Technological change Golden age;

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