International output convergence: evidence from an autocorrelation function approach

Giovanni Caggiano and Leone Leonida

Journal of Applied Econometrics, 2009, vol. 24, issue 1, 139-162

Abstract: This paper uses an autocorrelation function (ACF) approach to develop a new testing procedure for international output convergence. We define convergence in terms of sample ACFs of detrended output per capita, and construct an inference set-up based on resampling and subsampling techniques for dependent data. Using per capita GDP for 15 OECD countries observed over a century, we find that the hypothesis of conditional convergence is unsupported; that, the USA apart, the linearized neoclassical growth model fails to replicate the transitional dynamics of OECD economies; and that these economies do not behave like a club. Copyright © 2008 John Wiley & Sons, Ltd.

Date: 2009
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Working Paper: International Output Convergence: Evidence from an AutoCorrelation Function Approach
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DOI: 10.1002/jae.1038

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