Is Real Per Capita State Personal Income Stationary? New Nonlinear, Asymmetric Panel-Data Evidence

Furkan Emirmahmutoglu, Rangan Gupta, Stephen Miller and Tolga Omay

No 2016-20, Working papers from University of Connecticut, Department of Economics

Abstract: This paper re-examines the stochastic properties of US State real per capita personal income, using new panel unit-root procedures. The new developments incorporate non-linearity, asymmetry, and cross-sectional correlation within panel data estimation. Including nonlinearity and asymmetry finds that 43 states exhibit stationary real per capita personal income whereas including only nonlinearity produces the 42 states that exhibit stationarity. Stated differently, we find that 2 states exhibit nonstationary real per capita personal income when considering nonlinearity, asymmetry, and cross-sectional dependence.

Keywords: Nonlinear; Panel Unit Root; Asymmetry; Cross-Sectional Dependence; Sieve Bootstrap (search for similar items in EconPapers)
JEL-codes: C12 C15 C23 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2016-09
New Economics Papers: this item is included in nep-ore
Note: Stephen Miller is the corresponding author
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https://media.economics.uconn.edu/working/2016-20.pdf Full text (application/pdf)

Related works:
Journal Article: Is real per capita state personal income stationary? New nonlinear, asymmetric panel‐data evidence (2020)
Working Paper: Is Real Per Capita State Personal Income Stationary? New Nonlinear, Asymmetric Panel-Data Evidence (2015)
Working Paper: Is Real Per Capita State Personal Income Stationary? New Nonlinear, Asymmetric Panel-Data Evidence (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:uct:uconnp:2016-20

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