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Convergence in International Output

Andrew Bernard () and Steven Durlauf

Journal of Applied Econometrics, 1995, vol. 10, issue 2, 97-108

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, 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 convergence but find substantial evidence for common trends. Smaller samples of European countries also reject convergence but are driven by a lower number of common stochastic trends. Copyright 1995 by John Wiley & Sons, Ltd.

Date: 1995
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Working Paper: Convergence in International Output (1993)
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