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Regional Convergence and Aggregate Growth

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Author Info
Stephane Adjemian (Universite d' Evry - Val d'Essone)
Jerome Glachant (EPEE)
Charles Vellutini (EUREqua)

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Abstract

A striking feature of US states convergence is the link between the spatial speed of convergence and the aggregate growth rate: fast aggregate growth induces a reduction in regional inequalities. This paper uses a neoclassical growth framework with integrated economies in order to capture this phenomena. As it has been stressed by Ventura (1997), the interdependence between regional economies through the access to common markets generates a link between aggregate evolution and spatial convergence dynamics. The paper has two mains results. First, we show how deep parameters of the economy determines quantitatively the magnitude of this link. Second, we propose two directions for testing the model and we provide some empirical evidence using US states data on personal income. These results are mixed, only a part of the convergence pattern is well captured by the model.

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Paper provided by Econometric Society in its series Econometric Society World Congress 2000 Contributed Papers with number 1518.

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Date of creation: 01 Aug 2000
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Handle: RePEc:ecm:wc2000:1518

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  1. Bliss, C., 1995. "Capital Mobility, Convergence Clubs and Long-Run Economic Growth," Economics Papers 100, Economics Group, Nuffield College, University of Oxford.
  2. Huggett, Mark, 1997. "The one-sector growth model with idiosyncratic shocks: Steady states and dynamics," Journal of Monetary Economics, Elsevier, vol. 39(3), pages 385-403, August. [Downloadable!] (restricted)
  3. de la Fuente, A., 1998. "What Kind of Regional Convergence?," UFAE and IAE Working Papers 419.98, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
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  4. Ben-David, Dan, 1998. "Convergence clubs and subsistence economies," Journal of Development Economics, Elsevier, vol. 55(1), pages 155-171, February. [Downloadable!] (restricted)
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  5. Robert J. Barro & Paul Romer, 1993. "Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number barr93-1, September.
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    • Robert J. Barro & Paul M. Romer, 1991. "Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number barr91-1, September.
  6. Francesco Caselli & Jaume Ventura, 2000. "A Representative Consumer Theory of Distribution," American Economic Review, American Economic Association, vol. 90(4), pages 909-926, September. [Downloadable!] (restricted)
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  7. Ventura, Jaume, 1997. "Growth and Interdependence," The Quarterly Journal of Economics, MIT Press, vol. 112(1), pages 57-84, February.
  8. Susanto Basu & David N. Weil, 1998. "Appropriate Technology And Growth," The Quarterly Journal of Economics, MIT Press, vol. 113(4), pages 1025-1054, November. [Downloadable!] (restricted)
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