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Solow and the states: New evidence

  • Steven Yamarik

Yamarik S. (2006) Solow and the states: new evidence, Regional Studies 40, 571-582. The aim of this study is to reassess the sources behind US state-level growth during the post-war period. It improves upon the existing literature (1) by using a general method-of-moments (GMM) estimator that eliminates omitted variable and endogeneity bias, (2) by allowing for parameter heterogeneity, and (3) by extending the sample to the pre- and post-productivity slowdown periods. Unlike previous regional growth studies, the paper supports both predictions of neoclassical growth theory. First, strong evidence of convergence in state-level growth rates is found. Second, the rate of convergence and capital share are inversely related. Moreover, numerical computations show that the estimated values for the convergence rate and capital share are consistent with the neoclassical growth model. Yamarik S. (2006) Solow et les Etats: de nouvelles preuves, Regional Studies 40, 571-582. Cette etude cherche a reevaluer les origines de la croissance aux Etats-Unis sur le plan des etats pendant la periode d'apres-guerre. On developpe la documentation existante (1) en utilisant une estimation du type GMM qui elimine la distorsion due aux variables exclues et endogenes, (2) en tenant compte des parametres heterogenes et (3) en etendant l'echantillon aux periodes de ralentissement de la productivite d'avant et d'apres-guerre. A la difference des etudes anterieures sur la croissance regionale, le present article soutient les deux predictions de la theorie de croissance classique. Dans un premier temps, il s'avere de fortes preuves en faveur de la convergence des taux de croissance sur le plan des etats. Dans un deuxieme temps, le taux de convergence et le partage des capitaux se rapportent de facon inversement proportionnelle. Qui plus est, les calculs numeriques montrent que les estimations du taux de convergence et de la part du capital correspondent au modele de croissance neo-classique. Croissance regionale Convergence Enquete permanente GMM Yamarik S. (2006) Solow und die Staaten: neue Beweise, Regional Studies 40, 571-582. Diese Untersuchung beabsichtigt, die Quellen neu zu beurteilen, die in der Nachkriegszeit hinter dem Wachstum der USA auf Staatenebene zu beobachten waren. Verbesserungen der bereits vorhandenen Literatur werden dadurch erreicht, dass: 1. ein GMM Berechner eingesetzt wird, der bisher ausgelassene veranderliche und endogenetische Voreingenommenheit ausschaltet, 2. Rahmenheterogenitat berucksichtigt,und 3. die Stichprobe auf Perioden vor und nach der verlangsamten Leistung ausdehnt. Anders als fruhere Untersuchungen regionalen Wachstums tritt dieser Aufsatz fur beide Vorhersagen der neo-klassischen Wachstumstheorie ein. Erstens gibt es kraftige Beweise der Konvergenz von Wachstumsraten auf uberregionaler Ebene. Zweitens stehen die Raten der Konvergenz und des Kapitalanteils in umgekehrter Beziehung zueinander. Daruberhinaus zeigen zahlenmassige Berechnumgen, dass die berechneten Werte fur die Konvergenzrate und den Kapitalanteil mit dem neo-klassischen Wachstumsmodell ubereinstimmen. Regionales Wachstum Konvergenz Datenliste GMM Yamarik S. (2006) Solow y los Estados: nueva evidencia, Regional Studies 40, 571-582. La finalidad de este estudio es reexaminar las fuentes del crecimiento a nivel estatal en los Estados Unidos durante la era de la posguerra. Basandonos en la literatura presente obtenemos mejores resultados porque (1) usamos un estimador GMM que elimina el sesgo debido a variables omitidas y endogeneidad, (2) tenemos en cuenta el caracter heterogeneo de los parametros y (3) ampliamos la muestra a los periodos anterior y posterior a la disminucion de la productividad. A diferencia de estudios anteriores sobre el crecimiento regional, aqui apoyamos las dos predicciones de la teoria neoclasica del crecimiento. En primer lugar, hallamos solidas pruebas de convergencia en las tasas de crecimiento en un ambito estatal. En segundo lugar, la tasa de convergencia y el porcentaje de capital estan inversamente relacionados. Ademas, las computaciones numericas muestran que los valores estimados para la tasa de convergencia y el porcentaje de capital son coherentes con el modelo de crecimiento neoclasico. Crecimiento regional Convergencia Datos del panel GMM

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Article provided by Taylor & Francis Journals in its journal Regional Studies.

Volume (Year): 40 (2006)
Issue (Month): 6 ()
Pages: 571-582

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Handle: RePEc:taf:regstd:v:40:y:2006:i:6:p:571-582
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