Output convergence revisited: new time series results on industrialized countries
Cross-country output convergence is re-examined using a flexible concept of unit roots. While the presence of a constant unit root in output-differences implies nonconvergence, the presence of a stochastic unit root on the contrary implies convergence. Using the output-differences between the USA and the other 14 OECD countries, we find output divergence only for the USA/UK and USA/Sweden country-pairs.
Volume (Year): 14 (2007)
Issue (Month): 1 ()
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