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Output convergence revisited: new time series results on industrialized countries

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  • Ruey Yau
  • C. James Hueng

Abstract

Cross-country output convergence is re-examined using a flexible concept of unit roots. While the presence of a constant unit root in output-differences implies nonconvergence, the presence of a stochastic unit root on the contrary implies convergence. Using the output-differences between the USA and the other 14 OECD countries, we find output divergence only for the USA/UK and USA/Sweden country-pairs.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

Volume (Year): 14 (2007)
Issue (Month): 1 ()
Pages: 75-77

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Handle: RePEc:taf:apeclt:v:14:y:2007:i:1:p:75-77

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  1. Ludlow, Jorge & Enders, Walter, 2000. "Estimating non-linear ARMA models using Fourier coefficients," International Journal of Forecasting, Elsevier, vol. 16(3), pages 333-347.
  2. Kelly, Morgan, 1992. "On endogenous growth with productivity shocks," Journal of Monetary Economics, Elsevier, vol. 30(1), pages 47-56, October.
  3. Bernard, A.B. & Durlauf, S.N., 1994. "Interpreting Tests of the Convergence Hypothesis," Working papers 9401r, Wisconsin Madison - Social Systems.
  4. Leybourne, S J & McCabe, B P M & Tremayne, A R, 1996. "Can Economic Time Series Be Differenced to Stationarity?," Journal of Business & Economic Statistics, American Statistical Association, vol. 14(4), pages 435-46, October.
  5. Granger, Clive W. J. & Swanson, Norman R., 1997. "An introduction to stochastic unit-root processes," Journal of Econometrics, Elsevier, vol. 80(1), pages 35-62, September.
  6. J. Cunado & L. A. Gil-Alana & F. PErez de Gracia, 2003. "Empirical evidence on real convergence in some OECD countries," Applied Economics Letters, Taylor & Francis Journals, vol. 10(3), pages 173-176.
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