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It's still 2%: evidence on convergence from 116 years of the US States panel data

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  • Etsuro Shioji
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    Abstract

    A new debate over the speed of convergence in per capita income across economies is going on. Cross sectional estimates support the idea of slow convergence of about two percent per year. Panel data estimates support the idea of fast convergence of five, ten or even twenty percent per year. This paper shows that, if you ``do it right'', even the panel data estimation method yields the result of slow convergence of about two percent per year.

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    File URL: http://www.econ.upf.edu/docs/papers/downloads/236.pdf
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    Bibliographic Info

    Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 236.

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    Date of creation: Sep 1997
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    Handle: RePEc:upf:upfgen:236

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    Web page: http://www.econ.upf.edu/

    Related research

    Keywords: income convergence; panel data estimation; biases; maximum likelihood; US states;

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    1. Angel de la Fuente & Vicente Salas Fumás, . "On the sources of convergence: A close look at the Spanish regions," Studies on the Spanish Economy 01, FEDEA.
    2. Fabio Canova & Albert Marcet, 1995. "The poor stay poor: Non-convergence across countries and regions," Economics Working Papers 137, Department of Economics and Business, Universitat Pompeu Fabra, revised Jun 1999.
    3. Marc Nerlove, 1968. "Further Evidence on the Estimation of Dynamic Economic Relations from a Time Series of Cross-Sections," Cowles Foundation Discussion Papers 257, Cowles Foundation for Research in Economics, Yale University.
    4. repec:chb:bcchwp:03 is not listed on IDEAS
    5. Etsuro Shioji, 1997. "Convergence in panel data: Evidence from the skipping estimation," Economics Working Papers 235, Department of Economics and Business, Universitat Pompeu Fabra.
    6. Islam, Nazrul, 1995. "Growth Empirics: A Panel Data Approach," The Quarterly Journal of Economics, MIT Press, vol. 110(4), pages 1127-70, November.
    7. Nickell, Stephen J, 1981. "Biases in Dynamic Models with Fixed Effects," Econometrica, Econometric Society, vol. 49(6), pages 1417-26, November.
    8. Caselli, Francesco & Esquivel, Gerardo & Lefort, Fernando, 1996. " Reopening the Convergence Debate: A New Look at Cross-Country Growth Empirics," Journal of Economic Growth, Springer, vol. 1(3), pages 363-89, September.
    9. Malcolm Knight & Norman Loayza & Delano Villanueva, 1993. "Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach," IMF Staff Papers, Palgrave Macmillan, vol. 40(3), pages 512-541, September.
    10. T. W. Swan, 1956. "ECONOMIC GROWTH and CAPITAL ACCUMULATION," The Economic Record, The Economic Society of Australia, vol. 32(2), pages 334-361, November.
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    Cited by:
    1. 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).
    2. de la Fuente, Angel, 2000. "Convergence Across Countries And Regions: Theory And Empirics," CEPR Discussion Papers 2465, C.E.P.R. Discussion Papers.
    3. Cuerva, Maria C., 2012. "Evolución de la productividad agraria en las regiones europeas: un análisis de convergencia con métodos de panel dinámicos," Economia Agraria y Recursos Naturales, Spanish Association of Agricultural Economists, vol. 12(1).

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