The neoclassical growth model accords with empirical evidence on convergence if capital is viewed broadly to include … convergence than those observed empirically, however. We show that the open economy model conforms with the evidence if an economy …

After arguing that the concepts of b-convergence and s-convergence are independently interesting, this paper extends … the empirical evidence on regional growth and convergence across the United States, Japan, and five European nations. We … confirm that the estimated speeds of convergence are surprisingly similar across data sets: regions tend to converge at a …

The concepts of s-convergence, absolute b-convergence and conditional b-convergence are discussed in this paper. The …. Except for the large cross section of countries, all data sets display strong evidence of s-convergence and absolute b-convergence …. The cross section of countries exhibits s-divergence and conditional b-convergence. The speed of conditional convergence …

growth path in the ex-communist block, both pre- and post-reform. We test whether there has been convergence within the block … and between the block as a group and the West. Surprisingly, there is little evidence of convergence within the communist … region under the communists. There is also little evidence of convergence with respect to the West, for the 1970–90 period …

continuum of equilibria; adding incomplete markets may lead to real indeterminacy. …

-cycle fluctuations. Externalities can lead to indeterminacy, allowing self-fulfilling expectations to determine the equilibrium. This … paper argues that the importance of indeterminacy might be overstated by the literature, as it does not recognize that …. This implies that the aggregate characteristics may not be informative even when there is determinacy. Thus indeterminacy …

productive external effects arising from average capital and labour. We show that indeterminacy cannot arise when there are only …

the wage income, local indeterminacy of equilibria cannot occur with capital externalities alone but that it can occur …, local indeterminacy occurs in a Cobb-Douglas economy. Finally, we show that, as a consequence of our restriction on first …