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Convergence in an Open-Economy Growth Model

Author

Listed:
  • Bourdot, B.
  • Frith, M.
  • Wells, G.

Abstract

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.

Suggested Citation

  • Bourdot, B. & Frith, M. & Wells, G., 1998. "Convergence in an Open-Economy Growth Model," CEPR Discussion Papers 392, Centre for Economic Policy Research, Research School of Economics, Australian National University.
    • Handle: RePEc:auu:dpaper:392
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    Keywords

    PRODUCTIVITY ; GROWTH MODELS ; ECONOMIC DEVELOPMENT;
    All these keywords.

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity

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