Long-RunPolicyAnalysisandLong-RunGrowth.pdfVIP

Long-Run Policy Analysis and Long-Run Growth Author(s): Sergio Rebelo Source: The Journal of Political Economy, Vol. 99, No. 3 (Jun., 1991), pp. 500-521 Published by: The University of Chicago Press Stable URL: /stable/2937740 Accessed: 07/12/2010 13:55 Your use of the JSTOR archive indicates your acceptance of JSTORs Terms and Conditions of Use, available at /page/info/about/policies/terms.jsp. JSTORs Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at /action/showPublisher?publisherCode=ucpress. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@. The University of Chicago Press is collaborating with JSTOR to digitize, preserve and extend access to The Journal of Political Economy. Long-Run Policy Analysis and Long-Run Growth Sergio Rebelo NorthwesternUniversity,Portuguese Catholic University,and RochesterCenterfor EconomicResearch The wide cross-country disparity in rates of economic growth is the most puzzling feature of the development process. This paper de- scribes a class of models in which this heterogeneity in growth expe- riences can be the result of cross-country differences i