Convergence in an Open-Economy Growth Model
This paper reviews the origins of the 2 per percent rule, arguing that existing evidence for the rule is not as strong as is often supposed and that in any case it can be a misleading guide to the payoff period in policy applications. In the context of a postulated change in the rate of increase of total factor productivity, we show that the convergence speed of the former growth rate is markedly slower than the latter.
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