(Fractional) Beta Convergence.

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.

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Year of publication:	2000
Authors:	Michelacci, C. ; Zaffaroni, P.
Institutions:	Banca d'Italia
Subject:	ECONOMIC GROWTH \| MODELS \| MATHEMATICAL ANALYSIS

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Series:	Banca Italia - Servizio di Studi.
Type of publication:	Book / Working Paper
Notes:	48 pages
Classification:	C22 - Time-Series Models ; C43 - Index Numbers and Aggregation ; E10 - General Aggregative Models. General ; O40 - Economic Growth and Aggregate Productivity. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005780678