It's still 2%: evidence on convergence from 116 years of the US States panel data

A new debate over the speed of convergence in per capita income across economies is going on. Cross sectional estimates support the idea of slow convergence of about two percent per year. Panel data estimates support the idea of fast convergence of five, ten or even twenty percent per year. This paper shows that, if you ``do it right'', even the panel data estimation method yields the result of slow convergence of about two percent per year.

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Year of publication:	1997-09
Authors:	Shioji, Etsuro
Institutions:	Department of Economics and Business, Universitat Pompeu Fabra
Subject:	income convergence \| panel data estimation \| biases \| maximum likelihood \| US states

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Extent:	application/pdf
Series:	Economics Working Papers.
Type of publication:	Book / Working Paper
Language:	English
Classification:	O40 - Economic Growth and Aggregate Productivity. General ; C23 - Models with Panel Data ; O51 - U.S.; Canada
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005572601