World War II And Convergence
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
Volume (Year): 84 (2002)
Issue (Month): 1 (February)
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