On the gravitation and convergence of industry incremental rates of return in OECD countries

Andrea Vaona

No 03/2010, Working Papers from University of Verona, Department of Economics

Abstract: The hypotheses of sectoral incremental rates of returns gravitating around or converging towards a common value are tested on data for various OECD countries relying on an econometric method able to account for residual autocorrelation and cross-sector correlation. Our null hypotheses receive only a mixed empirical support. This is interpreted as the result of limitations to capital mobility and of persistent differentials in the innovative performance of industries.

Keywords: capital mobility; gravitation; convergence; incremental rates of returns; SURE estimation; exactly median unbiased estimator (search for similar items in EconPapers)
JEL-codes: L16 L19 L60 L70 L80 L90 (search for similar items in EconPapers)
Pages: 27
Date: 2010-01
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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