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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. Sergio T. Rebelo, 1990. "Long Run Policy Analysis and Long Run Growth," NBER Working Papers 3325, National Bureau of Economic Research, Inc.
    2. BOUCEKKINE, Raouf & CAMACHO, Carmen & ZOU, Benteng, . "Bridging the gap between growth theory and the new economic geography: The spatial Ramsey model," CORE Discussion Papers RP -2090, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    3. Raouf Boucekkine & Carmen Camacho & Giorgio Fabbri, 2013. "Spatial dynamics and convergence: The spatial AK model," Documents de travail du Centre d'Economie de la Sorbonne 13047, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    4. 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.
    5. Quah, Danny, 2002. "Spatial Agglomeration Dynamics," CEPR Discussion Papers 3208, C.E.P.R. Discussion Papers.
    6. Pierre‐Philippe Combes & Gilles Duranton & Laurent Gobillon & Diego Puga & Sébastien Roux, 2012. "The Productivity Advantages of Large Cities: Distinguishing Agglomeration From Firm Selection," Econometrica, Econometric Society, Econometric Society, vol. 80(6), pages 2543-2594, November.
    7. Danny Quah, 2002. "Spatial Agglomeration Dynamics," CEP Discussion Papers dp0521, Centre for Economic Performance, LSE.
    8. Daron Acemoglu & Melissa Dell, 2009. "Productivity Differences Between and Within Countries," NBER Working Papers 15155, National Bureau of Economic Research, Inc.
    9. Paul Krugman, 1997. "Development, Geography, and Economic Theory," MIT Press Books, The MIT Press, edition 1, volume 1, number 026261135x, December.
    10. Klaus Desmet & Esteban Rossi-Hansberg, 2010. "On Spatial Dynamics," Journal of Regional Science, Wiley Blackwell, Wiley Blackwell, vol. 50(1), pages 43-63.
    11. Comin, Diego & Dmitriev, Mikhail & Rossi-Hansberg, Esteban, 2012. "The Spatial Diffusion of Technology," CEPR Discussion Papers 9208, C.E.P.R. Discussion Papers.
    12. Desmet, Klaus & Rossi-Hansberg, Esteban, 2007. "Spatial Growth and Industry Age," CEPR Discussion Papers 6421, C.E.P.R. Discussion Papers.
    13. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    14. 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.
    15. Klaus Desmet & Esteban Rossi-Hansberg, 2012. "Innovation in Space," American Economic Review, American Economic Association, vol. 102(3), pages 447-52, May.
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