On the gravitation and convergence of industry incremental rates of return in OECD countries
The hypotheses of sectoral incremental rates of returns gravitating around or converging towards a common value are tested on data for various OECD countries relying on an econometric method able to account for residual autocorrelation and cross-sector correlation. Our null hypotheses receive only a mixed empirical support. This is interpreted as the result of limitations to capital mobility and of persistent differentials in the innovative performance of industries.
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