The Morphology of Income Convergence in US States: New Evidence using an Error-Correction-Model
This paper reconsiders the question of regional convergence across the US States over the long-run. The analysis is carried out over the period 1929-2005. Our analysis advocates and implements an Error-Correction-Model (ECM) approach to deal with this issue. The aforementioned model is applied in order to assess the possibilities of intraregional convergence towards steady-state equilibrium, approximated in terms of the State with highest per-capita income in each broad region. Empirical analysis suggests a pattern of convergence in accordance with the ECM supporting its validity. Further inspection of the results provides an indirect indication of the agglomerative effects in shaping the patterns of convergence.
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