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The Remarkable Durability of Thirlwall’s Law

  • Mark Setterfield

    ()

    (Department of Economics, Trinity College)

This paper contemplates the robustness of Thirlwall’s Law, a parsimonious expression that relates long run equilibrium growth in any one region to the product of world income growth and the ratio of the income elasticities of demand for exports and imports. Various extensions of the balance-of-payments-constrained growth model from which Thirlwall’s Law is derived are contemplated. In each case, Thirlwall’s Law is shown to reassert itself as a good approximation of the equilibrium growth rate. It is hypothesized that this robustness helps explain the widespread empirical success of Thirlwall’s Law.

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File URL: http://internet2.trincoll.edu/repec/WorkingPapers2011/wp11-05.pdf
File Function: First version, 2011
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Paper provided by Trinity College, Department of Economics in its series Working Papers with number 1105.

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Length: 37 pages
Date of creation: Jun 2011
Date of revision:
Handle: RePEc:tri:wpaper:1105
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Web page: http://www.trincoll.edu/Academics/MajorsAndMinors/Economics/Pages/default.aspx
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  1. Miguel A. León-Ledesma & A. P. Thirlwall, 1998. "The Endogeneity of the Natural Rate of Growth," Studies in Economics 9821, School of Economics, University of Kent.
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