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Full-Text Articles in Social and Behavioral Sciences
The Elusive Empirical Shadow Of Growth Convergence, Peter C.B. Phillips, Donggyu Sul
The Elusive Empirical Shadow Of Growth Convergence, Peter C.B. Phillips, Donggyu Sul
Cowles Foundation Discussion Papers
Two groups of applied econometricians have figured prominently in empirical studies of growth convergence. In terms of a popular caricature, one group believes it has found a black hat of convergence (evidence for growth convergence) in the dark room of economic growth, even though the hat may not exist (the task may be futile). A second group believes it has found a black coat of divergence (evidence against growth convergence) even though this object also may not exist (empirical reality, including the nature of growth divergence, is ever more complex than the models used to characterize it). The present paper …
Heterogeneity And Uniqueness In Interaction Games, Stephen Morris, Hyun Song Shin
Heterogeneity And Uniqueness In Interaction Games, Stephen Morris, Hyun Song Shin
Cowles Foundation Discussion Papers
Incomplete information games, local interaction games and random matching games are all special cases of a general class of interaction games (Morris (1997)). In this paper, we use this equivalence to present a unified treatment of arguments generating uniqueness in games with strategic complementarities by introducing heterogeneity in these different settings. We also report on the relation between local and global heterogeneity, on the role of strategic multipliers and on purification in the three types of interaction game.