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; Convergence ; Divergence ; Growth Regressions ; Common Factors …
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"State per capita incomes became more disperse during the contraction phase of the Great Depression, and less disperse during the recovery phase. We investigate the effects of geography, industry structure, bank failures and fiscal policies on state income growth during each phase. We find that...
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levels. The so-called absolute convergence hypothesis focuses on initial income levels to account for the variability in … income growth among regions. Empirical data seem to support the absolute convergence hypothesis for U.S. states, but the data …
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