(Fractional) Beta Convergence

Claudio Michelacci () and P. Zaffaroni

Working Papers from Banca Italia - Servizio di Studi

Abstract: Unit roots in output, an exponential 2 per cent rate of convergence and no change in the underlying dynamics of output seem to be three stylized facts that cannot go together. This paper extends the Solow-Swan growth model allowing for cross-sectional heterogeneity. In this framework, aggregate shocks might vanish at a hyperbolic rather than at an exponential rate.

Keywords: ECONOMIC GROWTH; MODELS; MATHEMATICAL ANALYSIS (search for similar items in EconPapers)
JEL-codes: C22 C43 E10 O40 (search for similar items in EconPapers)
Date: 2000
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Related works:
Working Paper: (Fractional) Beta Convergence (1998)
Working Paper: (Fractional) Beta Convergence (2000)
Journal Article: (Fractional) beta convergence (2000)
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