Convergence in Output and Its Sources Among Industrialised Countries

A Cross-Country Time-Series Perspective

Macarena Hernández Salmerón, Diego Romero-Ávila (Autoren)

Buch | Softcover

IX, 74 Seiten

2015 | 2015
Springer International Publishing (Verlag)
978-3-319-13634-9 (ISBN)

Artikel merken

This book investigates the existence of stochastic and deterministic convergence of real output per worker and the sources of output (physical capital per worker, human capital per worker, total factor productivity -TFP- and average annual hours worked) in 21 OECD countries over the period 1970-2011. Towards this end, the authors apply a large battery of panel unit root and stationarity tests, all of which are robust to the presence of cross-sectional dependence. The evidence fails to provide clear-cut evidence of convergence dynamics either in real GDP per worker or in the series of the sources of output. Due to some limitations associated with second-generation panel unit root and stationarity tests, the authors further use the more flexible PANIC approach which provides evidence that real GDP per worker, real physical capital per worker, human capital and average annual hours exhibit some degree of deterministic convergence, whereas TFP series display a high degree of stochastic convergence.

Macarena Hernández Salmerón is Research Fellow at Pablo de Olavide University. Her research interests lie in the fields of Macroeconomics and Development Economics. She works as a regional economy analyst for the Regional Government of Andalusia and has participated in several publications of the Economics, Innovation, Science and Employment Department about the Andalusian economy. Diego Romero-Ávila is Associate Professor at Pablo de Olavide University. He has been Research Fellow at the European Central Bank and Visiting Professor at Vienna University of Economics and Business. His research interests lie in the fields of Macroeconomics and Development Economics. He has published articles in such academic journals as International Economic Review, Journal of Law and Economics, Journal of Money, Credit and Banking, Canadian Journal of Economics, World Development, Economic Inquiry, Journal of Banking and Finance and European Journal of Political Economy, among others.

Introduction.- Model Specification and Data.- Econometric Methods.- Empirical Results.- PANIC Approach.- PANIC Results.- Concluding Remarks.

Erscheint lt. Verlag	14.1.2015
Reihe/Serie	SpringerBriefs in Economics
Zusatzinfo	IX, 74 p. 10 illus., 5 illus. in color.
Verlagsort	Cham
Sprache	englisch
Maße	155 x 235 mm
Gewicht	142 g
Themenwelt	Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft
	Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie
	Wirtschaft ► Volkswirtschaftslehre ► Ökonometrie
Schlagworte	Common Factor • Cross-Sectional Dependence • Output Convergence • PANIC Analysis • TFP Convergence • Time-Series Convergence
ISBN-10	3-319-13634-8 / 3319136348
ISBN-13	978-3-319-13634-9 / 9783319136349
Zustand	Neuware