Relative convergence and cross-section dynamics : a new approach to convergence
The paper considers a (static) portfolio system that satisfies adding-up contraints and the gross substitution theorem. The paper shows the relationship of the two conditions to the weak dominant diagonal property of the matrix of interest rate elasticities. This enables to investigate the impact of simultaneous changes in interest rates on the asset demands.
|Date of creation:||1995|
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- Paul M. Romer, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter.
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35-95, Tel Aviv.
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Royal Economic Society, vol. 102(412), pages 600-610, May.
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- Baumol, William J, 1986. "Productivity Growth, Convergence, and Welfare: What the Long-run Data Show," American Economic Review, American Economic Association, vol. 76(5), pages 1072-85, December.
- Greenaway, David, 1992. "The Determinants of Economic Growth: Editorial Note," Economic Journal, Royal Economic Society, vol. 102(412), pages 598-99, May.
- Romer, Paul M, 1986.
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Journal of Political Economy,
University of Chicago Press, vol. 94(5), pages 1002-37, October.
- Howard Pack, 1994. "Endogenous Growth Theory: Intellectual Appeal and Empirical Shortcomings," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 55-72, Winter.
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