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An empirical investigation into the gravitation and convergence of industry return rates in OECD countries

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  • Andrea Vaona

Abstract

Tests are offered for the hypotheses that sectoral average profit rates and incremental return rates are gravitating around or converging towards a common value. We study data for various OECD countries relying on an econometric method able to account for residual autocorrelation and cross-sector correlation. Our null hypotheses receive only a mixed empirical support. This is interpreted as the result of various kinds of limitations to capital mobility. Policy implications are discussed.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/02692171.2010.529429
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal International Review of Applied Economics.

Volume (Year): 25 (2011)
Issue (Month): 4 ()
Pages: 465-502

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Handle: RePEc:taf:irapec:v:25:y:2011:i:4:p:465-502

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Related research

Keywords: capital mobility; gravitation of profit rates; convergence; SURE estimation; exactly median unbiased estimator; industrial average profit rates; incremental return rates;

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Cited by:
  1. Lefteris Tsoulfidis & Persefoni Tsaliki, 2011. "Classical Competition and Regulating Capital: Theory and Empirical Evidence," Discussion Paper Series 2011_02, Department of Economics, University of Macedonia, revised Feb 2011.
  2. Andrea Vaona, 2010. "Profit rate dynamics, income distribution, structural and technical change in Denmark, Finland and Italy," Working Papers 11/2010, University of Verona, Department of Economics.
  3. Andrea Vaona, 2011. "Further econometric evidence on the gravitation and convergence of industrial rates of return on regulating capital," Working Papers 08/2011, University of Verona, Department of Economics.
  4. Stefania Tescari & Andrea Vaona, 2013. "Regulating rates of return do gravitate in US manufacturing!," Working Papers 19/2013, University of Verona, Department of Economics.

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