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It's still 2%: evidence on convergence from 116 years of the US States panel data
Shioji, Etsuro
Universitat Pompeu Fabra. Departament d'Economia i Empresa
A new debate over the speed of convergence in per capita income across economies is going on. Cross sectional estimates support the idea of slow convergence of about two percent per year. Panel data estimates support the idea of fast convergence of five, ten or even twenty percent per year. This paper shows that, if you ``do it right'', even the panel data estimation method yields the result of slow convergence of about two percent per year.
2005-09-15
Macroeconomics and International Economics
income convergence
panel data estimation
biases
maximum likelihood
us states
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Working Paper
         

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