Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/171469
Authors: 
Steger, Thomas M.
Year of Publication: 
2003
Series/Report no.: 
Economics Working Paper Series 03/25
Abstract: 
In macroeconomic dynamic models the speed at which output converges to its steady state is of outstanding interest. Theoretical investigations usually focus on the asymptotic speed of convergence only. This procedure is, however, unnecessarily restrictive and hides important information. The paper at hand provides a straightforward and simple analytical decomposition of the instantaneous rate of convergence into its economic determinants. In addition, the resulting convergence-accounting formula is applied to analyse the transition process of a general R&D-based endogenous growth model. As a result, the driving forces behind the convergence process are identified.
Subjects: 
Convergence accounting
rate of convergence
decomposition
convergence mechanisms
R&D-based growth
JEL: 
O0
O3
O31
O33
O41
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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