International output convergence: evidence from an autocorrelation function approach
This paper uses an autocorrelation function (ACF) approach to develop a new testing procedure for international output convergence. We define convergence in terms of sample ACFs of detrended output per capita, and construct an inference set-up based on resampling and subsampling techniques for dependent data. Using per capita GDP for 15 OECD countries observed over a century, we find that the hypothesis of conditional convergence is unsupported; that, the USA apart, the linearized neoclassical growth model fails to replicate the transitional dynamics of OECD economies; and that these economies do not behave like a club. Copyright © 2008 John Wiley & Sons, Ltd.
Year of publication: |
2009
|
---|---|
Authors: | Caggiano, Giovanni ; Leonida, Leone |
Published in: |
Journal of Applied Econometrics. - John Wiley & Sons, Ltd.. - Vol. 24.2009, 1, p. 139-162
|
Publisher: |
John Wiley & Sons, Ltd. |
Saved in:
Online Resource
Saved in favorites
Similar items by person
-
International output convergence : evidence from an autocorrelation function approach
Caggiano, Giovanni, (2009)
-
A note on the empirics of the neoclassical growth model
Caggiano, Giovanni, (2007)
-
A note on the empirics of the neoclassical growth model
Caggiano, Giovanni, (2006)
- More ...