The Morphology of Income Convergence in US States: New Evidence using an Error-Correction-Model
Stilianos Alexiadis and
Konstantinos Eleftheriou ()
MPRA Paper from University Library of Munich, Germany
This paper reconsiders the question of regional convergence across the US States over the long-run. The analysis is carried out over the period 1929-2005. Our analysis advocates and implements an Error-Correction-Model (ECM) approach to deal with this issue. The aforementioned model is applied in order to assess the possibilities of intraregional convergence towards steady-state equilibrium, approximated in terms of the State with highest per-capita income in each broad region. Empirical analysis suggests a pattern of convergence in accordance with the ECM supporting its validity. Further inspection of the results provides an indirect indication of the agglomerative effects in shaping the patterns of convergence.
Keywords: Income Convergence; Error-Correction-Model; US States (search for similar items in EconPapers)
JEL-codes: R10 C22 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:20096
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