S-Shaped Transition and Catapult Effects

Hyeok Jeong and Yong Kim

No 250, 2006 Meeting Papers from Society for Economic Dynamics

Abstract: Among the rich economies of the world today, per capita output levels had typically diverged before converging to the per capita output level of the frontier economy. Since frontier economies have grown at stable rates, non-frontier economies display an S-shape aggregate transition path. Along this transition, there are "catapult effects": longer episodes of divergence are associated with faster subsequent rates of convergence to the frontier. In this paper, we construct and quantitatively assess a model of S-shaped transition with catapult effects. Deviations in per capita output from frontier economy levels are endogenous, while conventional growth accounting would classify these deviations as TFP differences

Keywords: S-shaped transition; catapult effects; TFP (search for similar items in EconPapers)
JEL-codes: O11 O41 O57 (search for similar items in EconPapers)
Date: 2006
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