S-shaped Transition and Catapult Effects
AbstractAmong the rich economies of the world today, per capita output levels had 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. 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 as TFP differences.
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Bibliographic InfoPaper provided by Institute of Economic Policy Research (IEPR) in its series IEPR Working Papers with number 06.53.
Length: 31 pages
Date of creation: Jun 2006
Date of revision:
S-shaped transition; catapult effects; TFP;
Other versions of this item:
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
- O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
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- Raurich, Xavier & Sorolla, Valeri, 2014. "Growth, unemployment and wage inertia," Journal of Macroeconomics, Elsevier, vol. 40(C), pages 42-59.
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UB Economics Working Papers
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