Solow (1956) as a model of cross-country growth dynamics
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چکیده
منابع مشابه
Solow (1956) as a Model of Cross-Country Growth Dynamics
Despite the widespread popularity of the Solow growth model, much of the recent empirical work based on the classic framework misrepresents a crucial feature of the model. Namely, the growth rate of technological progress, assumed to be exogenous in the Solow model, is often identified as being constant across countries. This simplification of the behavior of technological progess runs counter ...
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This paper presents, within a framework of the Solow model, evidence that there should be two different reasons for convergence. One is due to diminishing returns to capital and the other is due to technological diffusion. This paper shows that OECD and low income countries follow a pattern of conditional convergence but middle income countries do not. This seems to imply that technological dif...
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This paper presents, within a framework of the Solow model, evidence that there should be two different reasons for convergence. One is due to diminishing returns to capital and the other is due to technological diffusion. This paper shows that OECD and low income countries follow a pattern of conditional convergence but middle income countries do not. This seems to imply that technological dif...
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We investigate the issue of model uncertainty in cross-country growth regressions using Bayesian Model Averaging (BMA). We find that the posterior probability is very spread among many models suggesting the superiority of BMA over choosing any single model. Out-of-sample predictive results support this claim. In contrast with Levine and Renelt (1992), our results broadly support the more “optim...
متن کاملSolow ’ s Model of Economic Growth
Robert Solow received the 1987 Nobel Prize in economics for developing the leading model of economic growth. The model is based on the premise that cross-country differences in income per person are the result (primarily) of differences in national savings rates (savings finances increases in the capital stock). We illustrate its properties and show how it can be used as a tool for exploring th...
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ژورنال
عنوان ژورنال: Oxford Review of Economic Policy
سال: 2007
ISSN: 0266-903X,1460-2121
DOI: 10.1093/oxrep/grm009