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On Convergence in the Spatial AK Growth Models

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  • Gani Aldashev
  • Serik Aldashev
  • Timoteo Carletti
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    Abstract

    Recent research in economic theory attempts to study optimal economic growth and spatial location of economic activity in a unified framework. So far, the key result of this literature - asymptotic convergence, even in the absence of decreasing returns to capital - relies on specific assumptions about the objective of the social planner. We show that this result does not depend on such restrictive assumptions and obtains for a broader class of objective functions. We also generalize this finding, allowing for the time-varying technology parameter, and provide an explicit solution for the dynamics of spatial distribution of the capital stock.

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    File URL: http://arxiv.org/pdf/1401.4887
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    Bibliographic Info

    Paper provided by arXiv.org in its series Papers with number 1401.4887.

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    Date of creation: Jan 2014
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    Handle: RePEc:arx:papers:1401.4887

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    1. Danny Quah, 2002. "Spatial Agglomeration Dynamics," CEP Discussion Papers dp0521, Centre for Economic Performance, LSE.
    2. Combes, Pierre-Philippe & Duranton, Gilles & Gobillon, Laurent & Puga, Diego & Roux, Sébastien, 2012. "The Productivity Advantages of Large Cities: Distinguishing Agglomeration from Firm Selection," IZA Discussion Papers 6502, Institute for the Study of Labor (IZA).
    3. Desmet, Klaus & Rossi-Hansberg, Esteban, 2009. "Spatial growth and industry age," Journal of Economic Theory, Elsevier, Elsevier, vol. 144(6), pages 2477-2502, November.
    4. Raouf Boucekkine & Carmen Camacho & Benteng Zou, 2006. "Bridging the gap between growth theory and the new economic geography: The spatial Ramsey model," DEGIT Conference Papers c011_039, DEGIT, Dynamics, Economic Growth, and International Trade.
    5. Klaus Desmet & Esteban Rossi-Hansberg, 2009. "On Spatial dynamics," Working Papers, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales 2009-16, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales.
    6. Paul Krugman, 1997. "Development, Geography, and Economic Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 026261135x, December.
    7. Raouf Boucekkine & Carmen Camacho & Giorgio Fabbri, 2013. "Spatial dynamics and convergence: The spatial AK model," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00827641, HAL.
    8. Danny Quah, 2002. "Spatial Agglomeration Dynamics," American Economic Review, American Economic Association, American Economic Association, vol. 92(2), pages 247-252, May.
    9. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 94(5), pages 1002-37, October.
    10. Sergio Rebelo, 1999. "Long Run Policy Analysis and Long Run Growth," Levine's Working Paper Archive 2114, David K. Levine.
    11. Comin, Diego & Dmitriev, Mikhail & Rossi-Hansberg, Esteban, 2012. "The Spatial Diffusion of Technology," CEPR Discussion Papers, C.E.P.R. Discussion Papers 9208, C.E.P.R. Discussion Papers.
    12. Paulo Brito, 2004. "The Dynamics of Growth and Distribution in a Spatially Heterogeneous World," Working Papers Department of Economics, ISEG - School of Economics and Management, Department of Economics, University of Lisbon 2004/14, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.
    13. Daron Acemoglu & Melissa Dell, 2009. "Productivity Differences Between and Within Countries," NBER Working Papers 15155, National Bureau of Economic Research, Inc.
    14. Klaus Desmet & Esteban Rossi-Hansberg, 2012. "Innovation in Space," American Economic Review, American Economic Association, American Economic Association, vol. 102(3), pages 447-52, May.
    15. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, Elsevier, vol. 22(1), pages 3-42, July.
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