-0.02
0.00
0.02
0.04
0.06
0.08
0.10
0
1
2
3
4
5
6
7
-0.02
-0.01
0.00
0.01
0.02
0.03
0.04
0.05
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
0.6
0.8
1.0
1.2
1.4
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Growth rates
\text{Growth rates}
Growth rates
K/AL ratio
\text{K/AL ratio}
K/AL ratio
K
0
K_0
K
0
A
0
A_0
A
0
L
0
L_0
L
0
s
K
s_K
s
K
g
L
g_L
g
L
g
A
g_A
g
A
Steady State
\text{Steady State}
Steady State
(
K
/
A
L
)
s
s
(K/AL)_{ss}
(
K
/
A
L
)
s
s
Initial
K
/
A
L
\text{Initial } K/AL
Initial
K
/
A
L
g
K
g_K
g
K
g
K
=
s
K
(
A
L
K
)
1
−
α
−
δ
g_K = s_K \left(\frac{AL}{K}\right)^{1-\alpha} - \delta
g
K
=
s
K
(
K
A
L
)
1
−
α
−
δ
g
A
+
g
L
g_A + g_L
g
A
+
g
L
Growth rate
\text{Growth rate}
Growth rate
g
A
g_A
g
A
α
(
g
K
−
g
A
−
g
L
)
+
g
A
\alpha(g_K - g_A - g_L) + g_A
α
(
g
K
−
g
A
−
g
L
)
+
g
A
Log GDP per capita
\text{Log GDP per capita}
Log GDP per capita
Time
\text{Time}
Time
ln
y
t
B
G
P
\ln y_t^{BGP}
ln
y
t
B
G
P
ln
y
t
\ln y_t
ln
y
t