Dynamic development accounting and relative income traps
使用有限状态马尔可夫链研究各国相对收入和相对全要素生产率的动态变化，发现低收入国家很少能改善其相对于美国的位置，且这种持续低相对收入源于低相对全要素生产率。
Abstract Recent work suggests that cross‐country convergence has strengthened over time. Here we explore mobility and convergence in relative income and relative total factor productivity (TFP) using finite state Markov chains. We find that low‐income countries rarely improve their position relative to the US. Since capital‐output ratios have approached or exceeded the US level and human capital is converging, the persistence of low relative income seems to originate in low relative TFP. We study the dynamics of relative TFP, how they have changed, and how they interact with absolute levels of human capital, casting new light on the future of convergence.