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S-Shaped Transition and Catapult Effects

Author

Listed:
  • Hyeok Jeong
  • Yong Kim

    () (Economics University Southern California)

Abstract

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

Suggested Citation

  • Hyeok Jeong & Yong Kim, 2006. "S-Shaped Transition and Catapult Effects," 2006 Meeting Papers 250, Society for Economic Dynamics.
  • Handle: RePEc:red:sed006:250
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    Cited by:

    1. Alonso-Carrera, Jaime & Raurich, Xavier, 2015. "Demand-based structural change and balanced economic growth," Journal of Macroeconomics, Elsevier, vol. 46(C), pages 359-374.
    2. Raurich, Xavier & Sorolla, Valeri, 2014. "Growth, unemployment and wage inertia," Journal of Macroeconomics, Elsevier, vol. 40(C), pages 42-59.

    More about this item

    Keywords

    S-shaped transition; catapult effects; TFP;

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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