Productivity Convergence in Europe
The paper examines the convergence properties of productivity in fifteen European countries over the period 1960-1997. Empirical tests are performed for the "Maastricht proposition," according to which nominal convergence in rates of inflation is a prerequisite for real convergence. Modern econometric techniques for non-stationary time series, organized Around and cointegration analysis are used to examine within-group and between-group convergence. The number of common, long-run stochastic trends in productivity series is also examined. The results suggest strong evidence against unconditional or conditional convergence. However, European productivity time series can be described by a relatively small number of common long-run trends.
Volume (Year): 26 (2000)
Issue (Month): 3 (Summer)
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