Convergence, endogenous growth, and productivity disturbances

• 成果类型: Article
• 署名作者: Leung, CKY; Quah, DT
• 署名单位: University of London; London School Economics & Political Science; Chinese University of Hong Kong
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• 发表日期: 1996
• 页码: 535-547
• 关键词: cross-country dependence; cross-country regression; increasing returns; Stochastic growth; time-series regression

摘要

Kelly (1992) has recently shown that evidence on convergence cannot be taken as evidence against endogenous growth in general. This study uses a well-known class of stochastic growth models to show other difficulties with traditional empirical studies of convergence. Kev parameters typically cannot be estimated consistently in cross-section regressions. When the parameters are assumed known, implications for convergence are unavailable except under restrictive and economically unmotivated assumptions. Those same assumptions that relate key parameters to cross-country convergence render cross-section regressions impossible to estimate consistently.