CONVERGENCE IN STOCHASTIC GROWTH-MODELS - THE IMPORTANCE OF UNDERSTANDING WHY INCOME LEVELS DIFFER

• 成果类型: Article
• 署名作者: DENHAAN, WJ
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(94)01183-B
• 发表日期: 1995
• 页码: 65-82
• 关键词: Neoclassical growth model; CROSS-SECTIONAL DIFFERENCE; ESTIMATING STRUCTURAL AND CONVERGENCE PARAMETERS

摘要

Recent empirical papers study the convergence of per capita income, given an initial cross-sectional variation in per capita income. The question of why per capita income levels differ in the first place arises. This paper argues that the answer to this question has important implications for the estimation and interpretation of convergence models. If income is influenced by more than one factor, then we cannot expect a given cross-section of income levels to converge in the same manner at every point in time and for every set of countries, even if each country's income level is generated by the same economic model.