Indeterminacy and the Distribution of Growth Rates
Bielefeld University - Department of Business Administration and Economics
Jens J. Krüger
University of Jena - Economics Department
Economics Bulletin, Vol. 15, No. 6, pp. 1-8, November 2001
In endogenous growth theory models exist which are characterized by local and global indeterminacy. These concepts imply that economies differ with respect to their growth rates on the transition path (local indeterminacy) as well as their long-run growth rates (global indeterminacy). While the empirical density function of the levels of aggregate GDP has been the subject of a great many studies, the distribution of the growth rates has not yet been analyzed. In this paper, recent research on the evolution of the world income distribution is expanded by an analysis of the evolution of the distribution of growth rates for a sample of 104 countries. It is found that this distribution is remarkably stable over the period 1960-90.
Number of Pages in PDF File: 8
Keywords: Indeterminacy, Endogenous Rates, Distribution of Growth Rates
JEL Classification: C14, N10, O41, O57Accepted Paper Series
Date posted: November 29, 2001
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