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Have Absolute Price Levels Converged for Developed Economies? The Evidence since 1870

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  • Lein-Lein Chen

    (Department of Economics, University of Nevada)

  • Seungmook Choi

    (Department of Finance, University of Nevada)

  • John Devereux

    (Department of Economics, Queens College, CUNY)

Abstract

We compare price level and income convergence since 1870 for eleven developed economies using implicit price deflators derived from the GDP data of Maddison (1995, 2001, 2003). We find that "sigma" and "beta" convergence for prices occurs later and to a lesser extent than income. Price levels converge after 1950 while income convergence begins in the 1880s. We find no evidence for stochastic price convergence or for "club" price convergence. Copyright by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

Suggested Citation

  • Lein-Lein Chen & Seungmook Choi & John Devereux, 2008. "Have Absolute Price Levels Converged for Developed Economies? The Evidence since 1870," The Review of Economics and Statistics, MIT Press, vol. 90(1), pages 29-36, February.
  • Handle: RePEc:tpr:restat:v:90:y:2008:i:1:p:29-36
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    References listed on IDEAS

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    Cited by:

    1. International Monetary Fund, 2010. "Albania; Selected Issues," IMF Staff Country Reports 10/206, International Monetary Fund.
    2. Lawrence Edwards & Neil Rankin, 2016. "Is Africa integrating? Evidence from product markets," The Journal of International Trade & Economic Development, Taylor & Francis Journals, pages 266-289.
    3. Paul Wachtel & Iftekhar Hasan & John Bonin, 2008. "Banking in Transition Countries," Working Papers 08-22, New York University, Leonard N. Stern School of Business, Department of Economics.
    4. Klasing, Mariko J. & Milionis, Petros, 2014. "Quantifying the evolution of world trade, 1870–1949," Journal of International Economics, Elsevier, pages 185-197.

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