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Convergence

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  • Danny Quah

Abstract

Kelly (1992) has recently shown evidence on convergence cannot be taken as evidence against endogenous growth in general. This study uses a well-known class of stochastic growth models to show other difficulties with traditional empirical studies of convergence. Key parameters typically cannot be estimated consistently in cross-sectional regressions. When the parameters are assumed known, implications for convergence are unavailable except under restrictive and economically unmotivated assumptions. Those same assumptions that relate key parameters to cross-country convergence render cross-section regressions impossible to estimate consistently.

Suggested Citation

  • Danny Quah, 1996. "Convergence," CEP Discussion Papers dp0290, Centre for Economic Performance, LSE.
    • Handle: RePEc:cep:cepdps:dp0290
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    File URL: https://cep.lse.ac.uk/pubs/download/DP0290.pdf
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