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Journal Articles

Initial Values and Income Convergence: Do “The Poor Stay Poor”?

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Etsuro Shioji
Publisher: Journals Gateway
The Review of Economics and Statistics (2004) 86 (1): 444–446.
DOI: https://doi.org/10.1162/003465304774201888
Published: 01 February 2004
Abstract
A panel data estimation finds a high speed of income convergence among the U.S. states. However, initial incomes show a pattern which is difficult to explain by the estimated model. A simulation study shows that this pattern can be explained much more naturally when we assume that true convergence is slow.
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