We ask whether failure to control for research and development (R&D) activity in an output convergence regression affects the coefficient estimates of initial output. We focus on output convergence to an economy¡¯s own steady-state growth path using time series regression framework and...

In this study, using the Phillips curve type models, we use four different measures of U.S. output to test the hypothesis that there is a positive correlation between the output-gap and wage inflation. We measure the output-gap using a constant natural level of output as well as a Kalman filter...

not available