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Have Absolute Price Levels Converged for Developed Economies? The Evidence since 1870

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Author Info

  • Lein-Lein Chen

    (Department of Economics, University of Nevada)

  • Seungmook Choi

    (Department of Finance, University of Nevada)

  • John Devereux

    (Department of Economics, Queens College, CUNY)

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    Abstract

    We compare price level and income convergence since 1870 for eleven developed economies using implicit price deflators derived from the GDP data of Maddison (1995, 2001, 2003). We find that "sigma" and "beta" convergence for prices occurs later and to a lesser extent than income. Price levels converge after 1950 while income convergence begins in the 1880s. We find no evidence for stochastic price convergence or for "club" price convergence. Copyright by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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    Bibliographic Info

    Article provided by MIT Press in its journal The Review of Economics and Statistics.

    Volume (Year): 90 (2008)
    Issue (Month): 1 (February)
    Pages: 29-36

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    Handle: RePEc:tpr:restat:v:90:y:2008:i:1:p:29-36

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    Web page: http://mitpress.mit.edu/journals/

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    Web: http://mitpress.mit.edu/journal-home.tcl?issn=00346535

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    Cited by:
    1. Klasing, Mariko J. & Milionis, Petros, 2014. "Quantifying the evolution of world trade, 1870–1949," Journal of International Economics, Elsevier, vol. 92(1), pages 185-197.
    2. Ritola, Maria, 2008. "Price convergence and geographic dimension of market integration: Evidence from China," BOFIT Discussion Papers 13/2008, Bank of Finland, Institute for Economies in Transition.
    3. Lawrence Edwards & Neil Rankin, 2012. "Is Africa Integrating? Evidence from Product Markets," Working Papers 292, Economic Research Southern Africa.

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