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Author : Jac C. Heckelman
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Income Convergence Among U.S. States written by Jac C. Heckelman and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Don J. Webber
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Income Convergence Across U.S. States written by Don J. Webber and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents methods to analyze convergence in cross-sectional data collected over time using distribution free statistics that are not sensitive to the magnitudes involved. Measures of concordance and discordance are employed in the empirical analysis of real personal income per capita for 48 U.S. States over the period 1929-2002. Although most States are converging with each other, some are converging faster than others. The methods used have the flexibility to focus on specific characteristics such as convergence in absolute differences or convergence in the ratio of rewards. The methods may also be used to consider convergence without switching and additionally be applied to other features such as the percentiles of the distributions.
Author : Riccardo DiCecio
Publisher :
ISBN 13 :
Total Pages : 16 pages
Book Rating : 4.:/5 (129 download)
Download or read book Income Convergence in the United States written by Riccardo DiCecio and published by . This book was released on 2008 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use non-parametric distribution dynamics techniques to reassess the convergence of per capita personal income (PCPI) across U.S. states and across metropolitan and nonmetropolitan portions of states for the period 1969-2005. The long-run distribution of PCPI is bimodal for both states and metro/nonmetro portions. Furthermore, the high income mode of the distribution across metro and nonmetro portions corresponds to the single mode of the long-run distribution across metro portions only. These results (polarization or club-convergence) are reversed when weighting by population. The long run distributions across people are consistent with convergence. Migration and urbanization are the forces behind convergence.
Author : Peter Ganong
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (15 download)
Download or read book Why Has Regional Income Convergence in the U.S. Declined? written by Peter Ganong and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past thirty years have seen a dramatic decline in the rate of income convergence across states and in population flows to high-income places. These changes coincide with a disproportionate increase in housing prices in high-income places, a divergence in the skill-specific returns to moving to high-income places, and a redirection of low-skill migration away from high-income places. We develop a model in which rising housing prices in high-income areas deter low-skill migration and slow income convergence. Using a new panel measure of housing supply regulations, we demonstrate the importance of this channel in the data.
Author : Hasan Engin Duran
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (118 download)
Download or read book Short Run Dynamics of Income Disparities Across U.S. States written by Hasan Engin Duran and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Since early 90s, the issue of income convergence across regions has been widely discussed in a number of papers, both looking at long-term tendencies and trying to establish the role played by several socio-economic determinants. Much less attention has instead been devoted to the analysis of short-run convergence dynamics and the relationship with national business cycle. In the few papers that tackle this issue it is generally found that income disparities follow a pro-cyclical pattern, increasing during times of national expansions and decreasing in recessions. However, two important aspects have not yet been adequately studied in this specific area of research. First, is the relationship between national business cycle and regional income disparities linear or, rather, nonlinear. Second, what are the mechanisms and economic reasons behind the cyclical evolution of regional income disparities? And, more specifically, is the cyclical evolution a consequence of difference in the timing with which the business cycle is felt in regional economies or, alternatively, is it mainly motivated by the presence of size differences across local cyclical swings. In the present paper, we investigate the above issues using a combination of established and newly developed nonparametric tools applied to data on the states of US between 1969 and 2008.
Author : Qingshu Xie
Publisher :
ISBN 13 :
Total Pages : 414 pages
Book Rating : 4.:/5 (527 download)
Download or read book Regional Income Convergence in the United States written by Qingshu Xie and published by . This book was released on 2003 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert J. Barro
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (318 download)
Download or read book Economic Growth and Convergence written by Robert J. Barro and published by . This book was released on 1994 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert J. Barro
Publisher :
ISBN 13 :
Total Pages : 78 pages
Book Rating : 4.3/5 ( download)
Download or read book Economic Growth and Convergence Across the United States written by Robert J. Barro and published by . This book was released on 1990 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: A key economic issue is whether poor countries or regions tend to grow faster than rich ones: are there automatic forces that lead to convergence over time in levels of per capita income and product? After considering predictions of closed- and open-economy neoclassical growth theories, we examine data since 1840 from the U.S. states. We find clear evidence of convergence, but the findings can be reconciled quantitatively with neoclassical models only if diminishing returns to capital set in very slowly. The results from a broad sample of countries are similar if we hold constant a set of variables that proxy for differences in steady-state characteristics. Two types of existing theories seem to fit the facts: the neoclassical growth model with broadly-defined capital and a limited role for diminishing returns, and endogenous growth models with constant returns and gradual diffusion of technology across economies.
Author : Alice Fan
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (135 download)
Download or read book Essays on Regional Income Convergence written by Alice Fan and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This dissertation comprises two essays that comprehensively analyze regional income convergence at the metropolitan area level in the United States between 1960 and 2019. The first chapter shows that while income deflated by a national price index has stopped converging since 1980, income adjusted by the local price index (real income) I constructed based on housing costs continues to converge throughout the sample period. The second part of this chapter employs a Rosen-Roback Spatial Equilibrium model to understand this coexistence of nominal divergence and real convergence. The model enables me to infer the unobservable fundamentals of each city, namely productivity and actual amenities, by using the observed housing costs and wages. Convergence analyses using counterfactual income and housing costs suggest that productivity is the main factor behind the end of nominal income convergence. However, amenity and productivity are equivalently crucial in determining the housing costs and real income evolution processes. Chapter 2, inspired by the vast body of literature on labour market polarization in the US, investigates how important a role the labour market polarization has played in slowing down the nominal regional convergence in the US. Results from simple accounting exercises show that labour market polarization speeds up the low-skill groups' (high-school graduates) nominal income convergence process. However, the same labour market polarization has slowed down the high-skill group's (college graduates) nominal income convergence process since 1980"--
Author : Andrew Young
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Heterogeneity in Convergence Rates and Income Determination Across U.S. States written by Andrew Young and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We utilize county-level data to explore growth determination in the U.S. and possible heterogeneity in growth determination across individual states. The data includes over 3,000 cross-sectional observations and 39 demographic control variables. We use a consistent two stage least squares estimation procedure. (We report OLS estimates as well.) The estimated convergence rate across the U.S. is about 7 percent per year - higher than the 2 percent normally found with OLS in cross-country, U.S. state, and European region samples. Estimated convergence rates for 32 individual states are above 2 percent with an average of 8.1 percent. For 29 states the convergence rate is above 2 percent with 95 percent confidence. For seven states the convergence rate can be rejected as identical to at least one other state's convergence rate with 95 percent confidence. In examining the determinants of balanced growth path heights, we find that government at all levels of decentralization is negatively correlated with economic growth. Educational attainment of a population has a non-linear relationship with economic growth according to our estimates: growth is positively related to high-school degree attainment, seemingly unrelated to obtaining some college education, and then positively related to four-year degree or more attainment. Also, finance, insurance and real estate industry and entertainment industry are positively correlated with growth, while education industry is negatively correlated with growth. Heterogeneity in the effects of balanced growth path determinants across individual states is much harder to detect (or dismiss) than in convergence rates.
Author : Roberto J. Cavazos
Publisher : Routledge
ISBN 13 : 1351746154
Total Pages : 102 pages
Book Rating : 4.3/5 (517 download)
Download or read book Revival: Metropolitan Income Growth and Convergence (2001) written by Roberto J. Cavazos and published by Routledge. This book was released on 2017-07-12 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2001. What determines urban growth? Much has been written on particular causes and incidents which can explain the rise of one metropolis and the fall of another, but these do not illustrate general tendencies. This volume asks whether theories used to explain economic growth of nations or regions can be employed to find characteristics which encourage the growth of cities. Cavazos tests two principal theoretical approaches in this way. The first, the endogenous growth theory, predicts that incomes will diverge and sees technological innovations as the engine of economic growth. The second, the neoclassical growth theory, predicts conditional convergence and rates capital accumulation as the key to economic growth. He uses the two models to study US metropolitan income growth between 1970 and 1990 and compares their performance to determine which provides more insightful explanations of metropolitan growth.
Author : Bent E. Sørensen
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.3/5 ( download)
Download or read book Income and Consumption Smoothing Among U.S. States written by Bent E. Sørensen and published by . This book was released on 1996 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael Spence
Publisher : Macmillan + ORM
ISBN 13 : 1429968710
Total Pages : 316 pages
Book Rating : 4.4/5 (299 download)
Download or read book The Next Convergence written by Michael Spence and published by Macmillan + ORM. This book was released on 2011-05-10 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Washington Post Notable Nonfiction Book for 2011 With the British Industrial Revolution, part of the world's population started to experience extraordinary economic growth—leading to enormous gaps in wealth and living standards between the industrialized West and the rest of the world. This pattern of divergence reversed after World War II, and now we are midway through a century of high and accelerating growth in the developing world and a new convergence with the advanced countries—a trend that is set to reshape the world. Michael Spence, winner of the Nobel Prize in Economic Sciences, explains what happened to cause this dramatic shift in the prospects of the five billion people who live in developing countries. The growth rates are extraordinary, and continuing them presents unprecedented challenges in governance, international coordination, and ecological sustainability. The implications for those living in the advanced countries are great but little understood. Spence clearly and boldly describes what's at stake for all of us as he looks ahead to how the global economy will develop over the next fifty years. The Next Convergence is certain to spark a heated debate how best to move forward in the post-crisis period and reset the balance between national and international economic interests, and short-term fixes and long-term sustainability.
Author : Ming Chien Lo
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book An Alternative Approach to the Analysis of the U.S. Per Capita Income Convergence written by Ming Chien Lo and published by . This book was released on 2005 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines U.S. per capita income convergence in 1929-2002 using a panel approach based on the assumptions of multiple aggregate structural breaks and growth clubs. One novelty is that our specification explicitly allows for regional conditional convergence to the nation, while at the same time allowing for regional-growth clubs in which states conditionally converge to their regional average. In general, the results support those who argue the entire cross-section of growth dynamics should be examined. In particular, the estimates of convergence speed from previous studies are strongly affected by a post-1982 divergence and a club-growth pattern, which are ignored under simpler econometric specifications.
Author : Estelle Sommeiller
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (156 download)
Download or read book Regional Income Inequality in the United States, 1913-2003 written by Estelle Sommeiller and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The starting point of this study is an ambiguity that emerges from two currents of the literature: the income inequality literature, and the regional convergence literature. In the income inequality literature, a natural decrease of inequality at later stages of economic development is predicted by Kuznets (1955) but this hypothesis does not receive strong empirical support over the long-run; the succession of U and inverted-U curves does (Piketty and Saez, 2003). In the regional convergence literature, the neoclassical economists support convergence whereas the geographers marshal evidence for divergence, at least in the case of the United States at the sub-national level. Fundamentally, both literatures study the same question, namely, the income convergence or divergence across regions and over time. This paper sheds light on this ambiguity through the construction and use of a new homogeneous set of panel data of 4,641 income inequality observations (the 50 U.S. states plus the District of Columbia, over 91 years from 1913 to 2003). This database represents the top 10 percent of the income distribution, but data from other sources are needed to account for average income. Meanwhile, the new income database of the top decile offers an alternative estimate of average income figures used by Barro and Sala-i-Martin to study the same topic.
Author : Noah Nehemiah Gillespie
Publisher :
ISBN 13 :
Total Pages : 76 pages
Book Rating : 4.:/5 (648 download)
Download or read book Regional Growth in the United States written by Noah Nehemiah Gillespie and published by . This book was released on 2010 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Development" is a ubiquitous term that at one turn refers purely to regional or national economic growth, and at another refers to achieving a basic standard of living for all the people of the world. The dearth of reflection on these multiple meanings in the literature is further overshadowed by the absence of empirical study into the different implications of development, when considered through these various lenses. In this thesis, I strive to provide some analysis into the prevailing trends in two separate measures among the 48 contiguous United States over the period 1997-2006: real Gross State Product per capita (GSP) representing the "economic growth" paradigm, and the Human Development Index (HDI) representing a more holistic "quality of life" conception. Using the standard convergence equation popularized and rigorously defined by Barro and Sala-i-Martin (2004), I analyze whether there is convergence, divergence or stability in the distribution of GSP and HDI over this time period. I also experiment with three different model specifications: the standard non-linear model, a random effects panel model, and a spatial error panel model with random effects. Each specification, by relaxing some of the assumptions of the previous model, is found to provide a more realistic and nuanced picture of the true data generating process. I find that, over the study period, there is stability in GSP among the states, and that HDI is converging rapidly. I find further that all of the components of HDI are converging with the exception of the "command over resources" component, which is based on real GSP per capita. This implies that if prevailing trends continue, the quality of life experienced by the states in terms of health and education will rapidly approach equality, but that inequality in income is persistent, and should be the focus of policy aimed to increase equity among U.S. residents. I also find that there are significant spatial relationships among the states, and that controlling for these spatial effects greatly improves a model's explanatory power.
Author : Michał Bernardelli
Publisher : Routledge
ISBN 13 : 1000407233
Total Pages : 164 pages
Book Rating : 4.0/5 (4 download)
Download or read book Economic Growth and Convergence written by Michał Bernardelli and published by Routledge. This book was released on 2021-06-30 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are many different types of convergence within economics, as well as several methods to analyse each of them. This book addresses the concept of real economic convergence or the gradual levelling-off of GDP (gross domestic product) per capita rates across economies. In addition to a detailed, holistic overview of the history and theory, the authors include a description of two modern methods of assessing the occurrence and rate of convergence, BMA-based and HMM-based, as well as the results of the empirical analysis. Readers will have access not only to the conventional econometric approach of β convergence but also to an alternative one, allowing for the convergence issue to be expressed in the context of automatic pattern recognition. This approach is universal as it can be adapted to a variety of input data. The lowest aggregation level study investigates regional convergence through the case of Polish voivodships, where convergence towards the leader is tested. On a higher level of aggregation, the authors examine the existence of GDP convergence in such groups as the EU28, North Africa and the Middle East, sub-Saharan Africa, South America, Caribbean, South-East Asia, Australia and Oceania, or post-socialist countries. For each group, the real β convergence is tested using the two above-mentioned approaches. The results are widely discussed, broadly illustrated, interpreted, and compared. The analysis allows readers to draw interesting conclusions about the causes of convergence or the drivers behind divergence. The book will stimulate further research in the field, but the research was conducted from the point of view of individual countries.
