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A hump-shaped transitional growth path as a general pattern of long-run development

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A hump-shaped transitional growth path as a general pattern of long-run development. / Gundlach, Erich; Paldam, Martin.

I: Economic Systems, Bind 44, Nr. 3, 10825, 2020.

Publikation: Bidrag til tidsskrift/Konferencebidrag i tidsskrift /Bidrag til avisTidsskriftartikelForskningpeer review

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@article{a9c40fdb453246b5ab3d17c364b8763d,
title = "A hump-shaped transitional growth path as a general pattern of long-run development",
abstract = "Long-run development is considered as the income transition between the traditional and the modern steady state, where the speed of the transition is low near the two steady states but high and volatile in between. Such a transition implies a hump-shaped relation between the level of per capita income and its growth rate. A hump-shaped growth-income path can be simulated with a two-sector growth model, where the traditional sector is gradually replaced by the modern sector. Kernel regressions reveal a noisy but robust hump-shaped relation between the growth rate and the level of per capita income in stacked cross-country panel data.",
keywords = "Long-run development, transitional growth, two-sector model, kernel regressions",
author = "Erich Gundlach and Martin Paldam",
year = "2020",
doi = "10.1016/j.ecosys.2020.100809",
language = "English",
volume = "44",
journal = "Economic Systems",
issn = "0939-3625",
publisher = "Elsevier BV * North-Holland",
number = "3",

}

RIS

TY - JOUR

T1 - A hump-shaped transitional growth path as a general pattern of long-run development

AU - Gundlach, Erich

AU - Paldam, Martin

PY - 2020

Y1 - 2020

N2 - Long-run development is considered as the income transition between the traditional and the modern steady state, where the speed of the transition is low near the two steady states but high and volatile in between. Such a transition implies a hump-shaped relation between the level of per capita income and its growth rate. A hump-shaped growth-income path can be simulated with a two-sector growth model, where the traditional sector is gradually replaced by the modern sector. Kernel regressions reveal a noisy but robust hump-shaped relation between the growth rate and the level of per capita income in stacked cross-country panel data.

AB - Long-run development is considered as the income transition between the traditional and the modern steady state, where the speed of the transition is low near the two steady states but high and volatile in between. Such a transition implies a hump-shaped relation between the level of per capita income and its growth rate. A hump-shaped growth-income path can be simulated with a two-sector growth model, where the traditional sector is gradually replaced by the modern sector. Kernel regressions reveal a noisy but robust hump-shaped relation between the growth rate and the level of per capita income in stacked cross-country panel data.

KW - Long-run development, transitional growth, two-sector model, kernel regressions

U2 - 10.1016/j.ecosys.2020.100809

DO - 10.1016/j.ecosys.2020.100809

M3 - Journal article

VL - 44

JO - Economic Systems

JF - Economic Systems

SN - 0939-3625

IS - 3

M1 - 10825

ER -