The long wave of conditional convergence
The long wave of conditional convergence
We calculate the time series of the speed of convergence for 21 high-income countries over the period: 1953-1996, using low-pass filtered time series of per-capita GDP which are thus isolated from the influence of the short-run business cycle components. The observed patterns contradict the conventional ‘time-invariant speed of convergence’ hypothesis. Furthermore, dynamic panel data analysis provides strong evidence of the existence of stationary long cycles in the per capita GDP time series. We develop and estimate a technology-diffusion-based endogenous growth model, which shows that the endogenous growth of the domestic knowledge stock can account for the long cycles observed in the data.
trend reversion, speed of convergence, growth cycles
University of Southampton
Tong, Jian
8109179b-ff1d-483e-9ee0-bf3f96cda71b
3 October 2006
Tong, Jian
8109179b-ff1d-483e-9ee0-bf3f96cda71b
Tong, Jian
(2006)
The long wave of conditional convergence
(Discussion Papers in Economics and Econometrics, 614)
Southampton, UK.
University of Southampton
33pp.
Record type:
Monograph
(Discussion Paper)
Abstract
We calculate the time series of the speed of convergence for 21 high-income countries over the period: 1953-1996, using low-pass filtered time series of per-capita GDP which are thus isolated from the influence of the short-run business cycle components. The observed patterns contradict the conventional ‘time-invariant speed of convergence’ hypothesis. Furthermore, dynamic panel data analysis provides strong evidence of the existence of stationary long cycles in the per capita GDP time series. We develop and estimate a technology-diffusion-based endogenous growth model, which shows that the endogenous growth of the domestic knowledge stock can account for the long cycles observed in the data.
Text
0614.pdf
- Version of Record
More information
Published date: 3 October 2006
Keywords:
trend reversion, speed of convergence, growth cycles
Identifiers
Local EPrints ID: 42792
URI: http://eprints.soton.ac.uk/id/eprint/42792
ISSN: 0966-4246
PURE UUID: b1a756e3-3e78-4e9b-8f33-9885f3eb2d44
Catalogue record
Date deposited: 14 Feb 2007
Last modified: 16 Mar 2024 03:25
Export record
Download statistics
Downloads from ePrints over the past year. Other digital versions may also be available to download e.g. from the publisher's website.
View more statistics
