Real GDP per capita in developed countries
Growth rate of real GDP per capita is represented as a sum of two components -- a monotonically decreasing economic trend and fluctuations related to a specific age population change. The economic trend is modeled by an inverse function of real GDP per capita with a numerator potentially constant for the largest developed economies. Statistical analysis of 19 selected OECD countries for the period between 1950 and 2004 shows a very weak linear trend in the annual GDP per capita increment for the largest economies: the USA, Japan, France, Italy, and Spain. The UK, Australia, and Canada show a larger positive linear trend. The fluctuations around the trend values are characterized by a quasi-normal distribution with potentially Levy distribution for far tails. Developing countries demonstrate the increment values far below the mean increment for the most developed economies. This indicates an underperformance in spite of large relative growth rates.
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.:
- Ivan Kitov, 2007.
"Modeling the Transition from a Socialist to Capitalist Economic System,"
- Ivan Kitov, 2005. "Modelling the transition from a socialist to capitalist economic system," Economics Bulletin, AccessEcon, vol. 28(11), pages A0.
- Kitov, Ivan, 2005. "Modelling the transition from a socialist to capitalist economic system," MPRA Paper 2740, University Library of Munich, Germany.
- Ivan O. Kitov, 2008. "Modelling the transition from a socialist to capitalist economic system," Papers 0811.1182, arXiv.org.
- Robert J. Hodrick & Edward Prescott, 1981.
"Post-War U.S. Business Cycles: An Empirical Investigation,"
451, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Hodrick, Robert J & Prescott, Edward C, 1997. "Postwar U.S. Business Cycles: An Empirical Investigation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 29(1), pages 1-16, February.
- repec:ebl:ecbull:v:28:y:2005:i:11:p:a0 is not listed on IDEAS
When requesting a correction, please mention this item's handle: RePEc:arx:papers:0811.0889. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (arXiv administrators)
If references are entirely missing, you can add them using this form.