Kaitila, Ville (contributor) - 2004 - [Elektronische Ressource]
per-capita income in a given
country converges to that country’s steady-state value. Also, if countries are simi-
lar in … these.
If we control for the determinants of the steady state, we get “conditional con-
vergence” (see e.g. Mankiw et al …, there is still
convergence to the same growth rate of output and capital, but at a different
steady-state income level …