On endogenous growth with productivity shocks

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dc.contributor.author Kelly, Morgan
dc.date.accessioned 2008-08-28T16:18:48Z
dc.date.available 2008-08-28T16:18:48Z
dc.date.copyright Copyright 1992 Published by Elsevier Science B.V en
dc.date.issued 1992-10
dc.identifier.citation Journal of Monetary Economics en
dc.identifier.issn 0304-3932
dc.identifier.uri http://hdl.handle.net/10197/517
dc.description.abstract Recent evidence on output convergence across economies has been widely interpreted as falsifying the predictions of endogenous growth theory. This paper shows, however, that nonconvergence is an artifact of the deterministic structure of endogenous growth models: when stochastic factor productivity is introduced, convergence tends to occur despite nondiminishing returns to capital and persistent growth. For the case of constant returns to capital, it is shown that output paths of different economies converge with probability one in single-sector economies. For multi-sectora economies convergence occurs for most plausible specifications of the stochastic process driving productivity. Increasing returns reduce the probability of convergence. en
dc.format.extent 4304 bytes
dc.format.mimetype application/pdf
dc.language.iso en en
dc.publisher Elsevier Science B.V. en
dc.rights All rights reserved en
dc.rights.uri Publisher's copyright policy en
dc.rights.uri http://www.elsevier.com/wps/find/authorsview.authors/copyright#whatrights en
dc.subject.lcsh Convergence (Economics) en
dc.subject.lcsh Stochastic processes en
dc.subject.lcsh Economic development en
dc.title On endogenous growth with productivity shocks en
dc.type Journal Article en
dc.internal.authorurl Morgan Kelly (web page) en
dc.internal.authorurl http://www.ucd.ie/economics/staff/mkelly/morgan.kelly.htm en
dc.internal.authorcontactother Email: morgan.kelly@ucd.ie; Tel: 353 1 716 8611 en
dc.internal.authorid UCD0013 en
dc.internal.availability Full text not available en
dc.internal.webversions Publisher's version en
dc.internal.webversions http://dx.doi.org/10.1016/0304-3932(92)90043-2 en
dc.status Peer reviewed en
dc.identifier.volume 30 en
dc.identifier.issue 1 en
dc.identifier.startpage 47 en
dc.identifier.endpage 56 en
dc.identifier.doi 10.1016/0304-3932(92)90043-2
dc.neeo.contributor Kelly|Morgan|aut|UCD0013

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