Thirlwall's law and the two-gap model: toward a unified "dynamic gap" model
AbstractThis paper puts forward a unified model of two of the most relevant demand-based explanations of economic growthâThirlwall's law and the two-gap model. Under certain specifications, it is shown that Thirlwall's law extended with capital flows is equivalent to the "external gap." Our unified model, expressed in growth rates, is particularly useful to explain short-term growth in developing countries. Relevant policy implications are also drawn from the results.
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Bibliographic InfoArticle provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.
Volume (Year): 32 (2009)
Issue (Month): 2 (December)
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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348
economic development; economic growth; foreign trade; Keynesian models;
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- A. P. Thirlwall, 2011.
"Balance of Payments Constrained Growth Models: History and Overview,"
Studies in Economics
1111, Department of Economics, University of Kent.
- Anthony P. Thirlwall, 2011. "Balance of payments constrained growth models: history and overview," PSL Quarterly Review, Economia civile, vol. 64(259), pages 307-351.
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