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

No WP-98-3, Working Paper Series from Federal Reserve Bank of Chicago

Abstract: 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.

Keywords: Capital; Econometric models (search for similar items in EconPapers)
Date: 1998
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Journal Article: Could Prometheus be bound again? A contribution to the convergence controversy (2002)
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