Convergence in an Open-Economy Growth Model
AbstractThis paper reviews the origins of the 2 per percent rule, arguing that existing evidence for the rule is not as strong as is often supposed and that in any case it can be a misleading guide to the payoff period in policy applications. In the context of a postulated change in the rate of increase of total factor productivity, we show that the convergence speed of the former growth rate is markedly slower than the latter.
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Bibliographic InfoPaper provided by Centre for Economic Policy Research, Research School of Economics, Australian National University in its series CEPR Discussion Papers with number 392.
Length: 27 pages
Date of creation: 1998
Date of revision:
PRODUCTIVITY ; GROWTH MODELS ; ECONOMIC DEVELOPMENT;
Other versions of this item:
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
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