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如何解释收敛假说检验AI 解读

This paper provides a framework for understanding the cross- section and time series approaches which have been used to test the convergence hypothesis. First, we present two definitions of convergence which capture the implications of the neoclassical growth model for the relationship between current and future cross-country output differences. Second, we identify how the cross-section and time series approaches relate to these definitions. Cross-section tests are shown to…

跨行业与跨国生产率：时间序列理论与证据AI 解读

The authors examine whether convergence in aggregate productivity is also occurring at the industry level in fourteen OECD countries from 1970 to 1987. Using both cross-section and time-series methods, they find convergence in some sectors, such as services. However, surprisingly, the authors find that convergence does not hold for the manufacturing sector. Decomposing aggregate convergence into industry productivity gains and changing sectoral shares of output, they find…

国际产出的收敛AI 解读

Abstract This paper proposes and tests new definitions of convergence and common trends for per capita output. We define convergence for a group of countries to mean that each country has identical long‐run trends, either stochastic or deterministic, while common trends allow for proportionality of the stochastic elements. These definitions lead naturally to the use of cointegration techniques in testing. Using century‐long time series for 15 OECD economies, we reject…