The Millennium Peak in Club Convergence: A New Look at Distributional Changes in The Wealth of Nations
俱乐部趋同的千禧年高峰：国家财富分布变化的新观察
Summary This paper proposes an easy‐to‐use nonparametric indicator for club convergence, or convergence within clusters of countries: it measures whether the modes of the gross domestic product (GDP) per capita distribution become more pronounced over time. Relying on changes in the critical bandwidth for unimodality, the indicator is a dynamic extension of concepts from often‐used multimodality tests. Its evolution suggests the new empirical result of a ‘millennium peak’ in…