Could Prometheus be bound again? a contribution to the convergence controversy

This paper presents a model of stochastic growth in which the probability of adverse shocks to production is inversely related to the aggregate stock of capital per capita. Postulating this endogenous relationship, justified by empirical evidence, the model yields long-run predictions consistent with the recent findings of cross-country club convergence and intra-distribution mobility.

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Year of publication:	1998
Authors:	Cetorelli, Nicola
Institutions:	Federal Reserve Bank of Chicago
Subject:	Capital \| Econometric models

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Extent:	application/pdf
Series:	Working Paper Series.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number WP-98-3
Source:	RePEc - Research Papers in Economics

Persistent link: https://ebvufind01.dmz1.zbw.eu/10005520047