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S-Shaped Transition and Catapult Effects

  • Hyeok Jeong
  • Yong Kim


    (Economics University Southern California)

Among the rich economies of the world today, per capita output levels had typically diverged before converging to the per capita output level of the frontier economy. Since frontier economies have grown at stable rates, non-frontier economies display an S-shape aggregate transition path. Along this transition, there are "catapult effects": longer episodes of divergence are associated with faster subsequent rates of convergence to the frontier. In this paper, we construct and quantitatively assess a model of S-shaped transition with catapult effects. Deviations in per capita output from frontier economy levels are endogenous, while conventional growth accounting would classify these deviations as TFP differences

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Paper provided by Society for Economic Dynamics in its series 2006 Meeting Papers with number 250.

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Date of creation: 03 Dec 2006
Date of revision:
Handle: RePEc:red:sed006:250
Contact details of provider: Postal: Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA
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