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World War II And Convergence

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  • David Cook

Abstract

Proxies that measure the effect of World War II on a country's capital stock are used as instruments for estimating standard cross-country growth regressions. The war's destruction should offer a natural experiment that allows us to consistently estimate the speed at which productivity growth converges to its long-run path. This paper presents evidence that convergence rates are approximately 4% to 6% per annum, substantially larger than conventional wisdom. © 2002 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology

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  • David Cook, 2002. "World War II And Convergence," The Review of Economics and Statistics, MIT Press, vol. 84(1), pages 131-138, February.
  • Handle: RePEc:tpr:restat:v:84:y:2002:i:1:p:131-138
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    Cited by:

    1. Capolupo, Rosa, 2009. "The New Growth Theories and Their Empirics after Twenty Years," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 3, pages 1-72.
    2. Peter Jensen, 2010. "Testing the null of a low dimensional growth model," Empirical Economics, Springer, pages 193-215.
    3. Rob Luginbuhl & Siem Jan Koopman, 2003. "Convergence in European GDP Series," Tinbergen Institute Discussion Papers 03-031/4, Tinbergen Institute.
    4. Rob Luginbuhl & Siem Jan Koopman, 2004. "Convergence in European GDP series: a multivariate common converging trend-cycle decomposition," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 19(5), pages 611-636.
    5. Ishise, Hirokazu & Sawada, Yasuyuki, 2009. "Aggregate returns to social capital: Estimates based on the augmented augmented-Solow model," Journal of Macroeconomics, Elsevier, pages 376-393.

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