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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

How do Institutions Affect Structural Unemployment in Times of Crises?

Furceri, Davide; Mourougane, Annabelle - Economics Department, Organisation de Coopération et … - 2009

This paper examines the effect of economic crises on structural unemployment using an Autoregressive Distributed Lags model and accounting for the role of institutional settings. Analysing an unbalanced panel of 30 OECD economies from 1970 to 2008, we found that downturns have, on average, a...

Persistent link: https://www.econbiz.de/10008498031

Fiscal Policy Responsiveness, Persistence, and Discretion

Afonso, António; Agnello, Luca; Furceri, Davide - Economics Department, Organisation de Coopération et … - 2008

In this working paper, we decompose fiscal policy in three components: i) responsiveness, ii) persistence and iii) discretion. Using a sample of 132 countries, our results point out that fiscal policy tends to be more persistent than responding to output variations. We also found that while the...

Persistent link: https://www.econbiz.de/10005045613

Government Consumption Volatility and the Size of Nations

Furceri, Davide; Ribeiro, Marcos Poplawski - Economics Department, Organisation de Coopération et … - 2009

The aim of this paper is to analyze the relation between the volatility of government consumption and country size. Using a sample of 160 countries from 1960 to 2000 the main findings of our empirical analysis suggest that: 1) smaller countries have more volatile non-discretionary and...

Persistent link: https://www.econbiz.de/10005046158

Investment-Saving Comovement under Endogenous Fiscal Policy

Levy, Daniel - EconWPA - 2005

I expand Feldstein’s (1983) model by including flexible exchange rate and by introducing endogenous fiscal policy. Using this model, I demonstrate how a positive investment-saving correlation can arise in a world with endogenous fiscal policy. I show that this correlation does not depend on...

Persistent link: https://www.econbiz.de/10005119430