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S-Shaped Transition and Catapult Effects

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  • Hyeok Jeong
  • Yong Kim

    ()
    (Economics University Southern California)

Abstract

Among the rich economies of the world today, per capita output levels had typically diverged before converging to the per capita output level of the frontier economy. Since frontier economies have grown at stable rates, non-frontier economies display an S-shape aggregate transition path. Along this transition, there are "catapult effects": longer episodes of divergence are associated with faster subsequent rates of convergence to the frontier. In this paper, we construct and quantitatively assess a model of S-shaped transition with catapult effects. Deviations in per capita output from frontier economy levels are endogenous, while conventional growth accounting would classify these deviations as TFP differences

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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2006 Meeting Papers with number 250.

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Date of creation: 03 Dec 2006
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Handle: RePEc:red:sed006:250

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Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
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Related research

Keywords: S-shaped transition; catapult effects; TFP;

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Cited by:
  1. Xavier Raurich & Valeri Sorolla, 2012. "Growth, Unemployment and Wage Inertia," DEGIT Conference Papers c017_029, DEGIT, Dynamics, Economic Growth, and International Trade.
  2. Jaime Alonso-Carrera & Xavier Raurich, 2014. "Demand-based structural change and balanced economic growth," UB Economics Working Papers 2014/303, Universitat de Barcelona, Facultat d'Economia i Empresa, UB Economics.
  3. Raurich, Xavier & Sorolla, Valeri, 2014. "Growth, unemployment and wage inertia," Journal of Macroeconomics, Elsevier, vol. 40(C), pages 42-59.

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