NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Paul A. Johnson

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February 1992Local Versus Global Convergence Across National Economies
with Steven N. Durlauf: w3996
This paper reexamines the ability of the Solow-type growth models to explain the pattern of cross-country growth rates. Recent authors, most notably Mankiw, Romer and Weil [1990], have argued that differences in national growth rates are compatible with the view that each country has access to a common, neoclassical aggregate production function. Such models imply that, conditional on population growth and savings rates, disparate economies are converging over time to the same level of per capita output. We argue that cross-country growth is better explained by a model of local versus global convergence. Countries converge locally in the sense that economies with similar initial conditions tend to converge to one another. However, we find little evidence of convergence across economies wi...

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers onlyInformation about this author at RePEc

 
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