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Can Transition Dynamics Explain The International Output Data?

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Author Info
Chris Papageorgiou () (Louisiana State University)
Fidel Pérez Sebastián () (Universidad de Alicante)

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Abstract

This paper studies the transition dynamics predictions of an R&D-based growth model, and evaluates their performance in explaining income disparities across nations. We find that the fraction of the observed cross-country income variation explained by the transitional dynamics of the model is as large as the one accounted by existing steady-state level regressions. Our results suggest that the traditional view of a world in which nations move along their distinct balanced-growth paths is as likely as the one in which countries move along adjustment paths toward a common (very long-run) steady state.

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Publisher Info
Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 2001-02.

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Length: 25 pages
Date of creation: Jan 2001
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Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:2001-02

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Keywords: Transition Dynamics; Income Disparities; Growth.;

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Chris Papageorgiou & Fidel Pérez Sebastián, 2005. "Is The Speed Of Convergence A Good Proxy For The Transitional Growth Path?," Working Papers. Serie AD 2005-33, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
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