Are U.S. regional incomes converging? Reply
Article Abstract:
The study demonstrated that the research conducted by Michael Loewy and David Papell on regional per capita income convergence eliminated the unit root hypothesis for between four and five regions and not seven of the eight US regions studied. Summarizing the results of Loewy and Papell's research, the study showed that none of the trend break models used, where k is endogenously determined, eliminated the unit root hypothesis for seven regions. The study also presented the assertion that regards stochastic convergence not as a sufficient condition but an essential factor for regional per capita income convergence in the US.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 1996
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The great wars, the great crash, and steady state growth: some new evidence about an old stylized fact
Article Abstract:
Postwar growth theory states that growth rates remain constant over a long period of time after the end of a war. In the case of 16 countries, including the US, UK, France, Germany and Japan, tests for structural change in univariate time series show that a significant and sudden drop in GDP levels follows a period of fairly steady growth lasting over several years. This is followed by growth rates that surpass the growth levels achieved before the break.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 1995
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Are U.S. regional incomes converging? Some further evidence
Article Abstract:
The research was able to reject the unit root in relative per-capita- income hypothesis in seven out of the eight US regions under investigation. The result suggests that regional incomes in the US are stochastically converging. To address the inconsistency between the cross-section and time-series evidence on US regional convergence, the study considered endogenously determined break points instead of exogenously imposed trend break.
Publication Name: Journal of Monetary Economics
Subject: Economics
ISSN: 0304-3932
Year: 1996
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