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On the gravitation and convergence of industry incremental rates of return in OECD countries

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  • Andrea Vaona

    ()
    (Department of Economics (University of Verona))

Abstract

The hypotheses of sectoral incremental rates of returns gravitating around or converging towards a common value are tested on 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 limitations to capital mobility and of persistent differentials in the innovative performance of industries.

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Bibliographic Info

Paper provided by University of Verona, Department of Economics in its series Working Papers with number 03/2010.

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Length: 27
Date of creation: Jan 2010
Date of revision:
Handle: RePEc:ver:wpaper:03/2010

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Keywords: capital mobility; gravitation; convergence; incremental rates of returns; SURE estimation; exactly median unbiased estimator;

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