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Heterogeneity in Convergence Rates and Income Determination across U.S. States: Evidence from County-Level Data

Young, Andrew; Higgins, Matthew; Levy, Daniel - EconWPA - 2004

convergence rate across the U.S. is about 7 percent per year – higher than the 2 percent normally found with OLS in cross …-country, U.S. state, and European region samples. Estimated convergence rates for 32 individual states are above 2 percent with … an average of 8.1 percent. For 29 states the convergence rate is above 2 percent with 95 percent confidence. For seven …

Persistent link: https://www.econbiz.de/10005118829

Sigma-Convergence Versus Beta-Convergence: Evidence from U.S. County-Level Data

Young, Andrew; Higgins, Matthew; Levy, Daniel - EconWPA - 2005

In this paper we outline (i) why ó-convergence may not accompany â- convergence, (ii)cite evidence of â-convergence in … the U.S., (iii) and use USA county-level data containing over 3,000 cross-sectional observations to demonstrate that ó-convergence …

Persistent link: https://www.econbiz.de/10005412590

Growth and Convergence across the US: Evidence from County-Level Data

Higgins, Matthew; Levy, Daniel; Young, Andrew - EconWPA - 2005

We use county data with 3,058 observations to study growth and convergence in the US. We assess the effect of 40 … convergence rates around 2 percent, but 3SLS yields 6–8 percent; (2) convergence rates vary across the U.S. E.g., Southern …

Persistent link: https://www.econbiz.de/10005412718

Growth and Convergence across the U.S: Evidence from County-Level Data

Higgins, Matthew; Levy, Daniel; Young, Andrew - EconWPA - 2005

We use U.S. county data (3,058 observations) and 41 conditioning variables to study growth and convergence. Using OLS … and 3SLS-IV we report on the full sample and metro, non-metro, and 5 regional samples: (1) OLS yields convergence rates … around 2 percent; 3SLS yields 6–8 percent; (2) convergence rates vary (e.g., the Southern rate is 2.5 times the Northeastern …

Persistent link: https://www.econbiz.de/10005076836

Many Types of Human Capital and Many Roles in U.S. Growth: Evidence from County-Level Educational Attainment Data

Young, Andrew; Levy, Daniel; Higgins, Matthew - EconWPA - 2004

We utilize county-level data to explore the roles of different types of human capital accumulation in U.S. growth determination. The data includes over 3,000 cross-sectional observations and 39 demographic control variables. The large number of observations provides enough degrees of freedom to...

Persistent link: https://www.econbiz.de/10005126012

On the Typical Spectral Shape of an Economic Variable

Levy, Daniel; Dezhbakhsh, Hashem - EconWPA - 2004

In a classical article, Granger (1966) argued that the levels of most economic time series have spectra that exhibit a smooth declining shape with considerable power at very low frequencies. He termed it "the typical spectral shape of an economic variable." Granger's assertion has not been...

Persistent link: https://www.econbiz.de/10005412862

Effects of Fiscal Shocks in a Globalized World

Auerbach, Alan; Gorodnichenko, Yuriy - National Bureau of Economic Research (NBER) - 2015

While theoretical models consistently predict that government spending shocks should lead to appreciation of the domestic currency, empirical studies have been stubbornly finding depreciation. Using daily data on U.S. defense spending (announced and actual payments), we document that the dollar...

Persistent link: https://www.econbiz.de/10011262911

The Bush Tax Cut and National Saving

Auerbach, Alan - National Bureau of Economic Research (NBER) - 2002

Following through on pledges made during his election campaign, President Bush proposed and Congress passed a substantial tax cut in 2001, the Economic Growth and Tax Relief Reconciliation Act (EGTRRA). Much has been written about the size of the tax cut, its impact on the federal budget, its...

Persistent link: https://www.econbiz.de/10005248766

Is There a Role for Discretionary Fiscal Policy?

Auerbach, Alan - National Bureau of Economic Research (NBER) - 2002

This paper reviews the state of discretionary fiscal policy. Among its findings are: (1) In recent years, U.S. discretionary fiscal policy appears to have become more active in response to both cyclical conditions and a simple measure of budget balance. (2) Considerable uncertainty remains about...

Persistent link: https://www.econbiz.de/10005085146

Optimal Long-Run Fiscal Policy: Constraints, Preferences and the Resolution of Uncertainty

Auerbach, Alan; hassett, kevin allen - National Bureau of Economic Research (NBER) - 2002

We construct a computational dynamic stochastic overlapping generations general equilibrium model with uncertain lifetimes and explore the impact of policy stickiness (specifically, a major reform will preclude future reforms for a generation) on optimal long-run fiscal policy. Under such...

Persistent link: https://www.econbiz.de/10005085231