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Multiple Regimes and Cross-Country Growth Behavior

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Author Info

  • Durlauf, S.M.
  • Johnson, P.A.

Abstract

This paper provides some new evidence on the behavior of cross-country growth rates. We reject the linear model commonly used to study cross-country growth behavior in favor of a multiple regime alternative in which different economies obey different linear models when grouped according to initial conditions. Further, the marginal product of capital is shown to vary with the level of economic development. These results are consistent with growth models which exhibit multiple steady states. Our results call into question inferences that have been made in favor of the convergence hypothesis and further suggest that the explanatory power of the Solow growth model may be enhanced with a theory of aggregate production function differences. Copyright 1995 by John Wiley & Sons, Ltd.

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Bibliographic Info

Paper provided by Wisconsin Madison - Social Systems in its series Working papers with number 9419r.

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Length: 24 pages
Date of creation: 1995
Date of revision:
Handle: RePEc:att:wimass:9419r

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Postal: UNIVERSITY OF WISCONSIN MADISON, SOCIAL SYSTEMS RESEARCH INSTITUTE(S.S.R.I.), MADISON WISCONSIN 53706 U.S.A.

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Keywords: ECONOMIC GROWTH;

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