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SMU SOE Seminar (October 28, 2022): The Stable Transformation Path
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TOPIC:
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THE STABLE TRANSFORMATION PATH
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ABSTRACT
Dynamic models of structural transformation are often non-stationary, precluding balanced growth path (BGP) analysis. We develop a generalization of the BGP concept that we call a Stable Transformation Path (STraP). The STraP characterizes the medium-term dynamics of the economy in a turnpike sense; it is the non-stationary path toward which the economy (quickly) converges from an arbitrary initial capital stock. Calibrated simulations demonstrate that these medium-term dynamics have important quantitative implications for structural transformation, investment, and growth, including slow convergence. Medium-term dynamics alone account for the observed 40% secular decline in average growth rates across stages of development.
Keywords: Growth, Investment Dynamics, Non-balanced Growth
Click here to view the CV.
Click here to view the paper.
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PRESENTER
Joseph Kaboski
University of Notre Dame
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RESEARCH FIELDS
Growth & Development
International
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DATE:
28 October 2022 (Friday)
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TIME:
10am - 11.30am
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VENUE:
Interactive Learning Room
School of Economics Level 5
Singapore Management University
90 Stamford Road
Singapore 178903
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