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Nonlinear Growth and the Productivity Slowdown

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Author Info
Davide Fiaschi
Andrea Mario Lavezzi

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Abstract

In this paper we study the productivity slowdown taking as a starting point the nonlinear shape of the growth path. We relate the slowdown to the evolution of the world income distribution in the periods before and after the oil shock of 1973 and show that: i) in both periods growth is nonlinear; ii) the productivity slowdown consists in a downward shift of the nonlinear growth path; iii) in both periods we observe a medium-run tendency to polarization, but the long-run distribution features convergence in the first period and polarization in the second. We provide theoretical and empirical arguments suggesting that the interaction between nonlinear growth and international technology spillovers can explain how a temporary shock may have permanent effects on world growth.

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Paper provided by DEGIT, Dynamics, Economic Growth, and International Trade in its series DEGIT Conference Papers with number c011_012.

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Length: 47 pages
Date of creation: Jun 2006
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Handle: RePEc:deg:conpap:c011_012

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  5. Quah, Danny T, 1997. " Empirics for Growth and Distribution: Stratification, Polarization, and Convergence Clubs," Journal of Economic Growth, Springer, vol. 2(1), pages 27-59, March. [Downloadable!] (restricted)
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  17. Fiaschi, Davide & Lavezzi, Andrea Mario, 2007. "Nonlinear economic growth: Some theory and cross-country evidence," Journal of Development Economics, Elsevier, vol. 84(1), pages 271-290, September. [Downloadable!] (restricted)
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  18. Susanto Basu & David N. Weil, 1998. "Appropriate Technology And Growth," The Quarterly Journal of Economics, MIT Press, vol. 113(4), pages 1025-1054, November. [Downloadable!] (restricted)
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  19. Goodfriend, Marvin & McDermott, John, 1998. "Industrial Development and the Convergence Question," American Economic Review, American Economic Association, vol. 88(5), pages 1277-89, December. [Downloadable!] (restricted)
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  20. James Feyrer, 2007. "Demographics and Productivity," The Review of Economics and Statistics, MIT Press, vol. 89(1), pages 100-109, 01. [Downloadable!] (restricted)
  21. Simon N. Wood, 2004. "Stable and Efficient Multiple Smoothing Parameter Estimation for Generalized Additive Models," Journal of the American Statistical Association, American Statistical Association, vol. 99, pages 673-686, January. [Downloadable!] (restricted)
  22. Peretto, Pietro F., 1999. "Industrial development, technological change, and long-run growth," Journal of Development Economics, Elsevier, vol. 59(2), pages 389-417, August. [Downloadable!] (restricted)
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  1. Luca Pieroni, 2007. "Military Spending and Economic Growth," Discussion Papers 0708, University of the West of England, Department of Economics. [Downloadable!]
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