Initial Values and Income Convergence: Do "The Poor Stay Poor"?

Etsuro Shioji

The Review of Economics and Statistics, 2004, vol. 86, issue 1, 444-446

Abstract: A panel data estimation finds a high speed of income convergence among the U.S. states. However, initial incomes show a pattern which is difficult to explain by the estimated model. A simulation study shows that this pattern can be explained much more naturally when we assume that true convergence is slow. 2004 President and Fellows of Harvard College and the Massachusetts Institute of Technology.

JEL-codes: I32 (search for similar items in EconPapers)
Date: 2004
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