Convergence in Output and Its Sources Among Industrialised Countries

A Cross-Country Time-Series Perspective

Business & Finance, Economics, Econometrics, Macroeconomics
Cover of the book Convergence in Output and Its Sources Among Industrialised Countries by Macarena Hernández Salmerón, Diego Romero-Ávila, Springer International Publishing
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Author: Macarena Hernández Salmerón, Diego Romero-Ávila ISBN: 9783319136356
Publisher: Springer International Publishing Publication: December 27, 2014
Imprint: Springer Language: English
Author: Macarena Hernández Salmerón, Diego Romero-Ávila
ISBN: 9783319136356
Publisher: Springer International Publishing
Publication: December 27, 2014
Imprint: Springer
Language: English

This book investigates the existence of stochastic and deterministic convergence of real output per worker and the sources of output (physical capital per worker, human capital per worker, total factor productivity –TFP– and average annual hours worked) in 21 OECD countries over the period 1970-2011. Towards this end, the authors apply a large battery of panel unit root and stationarity tests, all of which are robust to the presence of cross-sectional dependence. The evidence fails to provide clear-cut evidence of convergence dynamics either in real GDP per worker or in the series of the sources of output. Due to some limitations associated with second-generation panel unit root and stationarity tests, the authors further use the more flexible PANIC approach which provides evidence that real GDP per worker, real physical capital per worker, human capital and average annual hours exhibit some degree of deterministic convergence, whereas TFP series display a high degree of stochastic convergence.

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This book investigates the existence of stochastic and deterministic convergence of real output per worker and the sources of output (physical capital per worker, human capital per worker, total factor productivity –TFP– and average annual hours worked) in 21 OECD countries over the period 1970-2011. Towards this end, the authors apply a large battery of panel unit root and stationarity tests, all of which are robust to the presence of cross-sectional dependence. The evidence fails to provide clear-cut evidence of convergence dynamics either in real GDP per worker or in the series of the sources of output. Due to some limitations associated with second-generation panel unit root and stationarity tests, the authors further use the more flexible PANIC approach which provides evidence that real GDP per worker, real physical capital per worker, human capital and average annual hours exhibit some degree of deterministic convergence, whereas TFP series display a high degree of stochastic convergence.

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