Technological differences and convergence in the OECD |
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Authors: | Javier Andrés José E. Boscá |
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Affiliation: | (1) University of Valencia, Departamento de Análisis Económico, Avda. dels Tarongers s/n, E-46022 Valencia, Spain (e-mail: Javier.Andres@uv.es, Jose.E.Bosca@uv.es) , ES |
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Abstract: | Abstract. In this paper we test the homogeneity of the technological parameters among OECD countries, which is the maintained hypothesis in most of the empirical growth literature. We first identify differences in the constant term of the convergence equation estimated for the OECD 1960/1990 sample using a fixed- effects estimator. Then we provide a formal test of the homogeneity of technological parameters across groups of countries. We identify at least two different groups within the OECD, with significantly different technologies. Convergence within each group is fast, supporting the notion of club convergence. Nevertheless, the implausible parameter values obtained for the leading technology club casts some doubts on the validity of the Solow model to account for the long run behaviour of this group of countries. |
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Keywords: | JEL classification:C21 C22 O41 O57 |
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