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Solow and the states: New evidence

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Author Info
Steven Yamarik

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Abstract

Yamarik S. (2006) Solow and the states: new evidence, Regional Studies 40 , 571--582. The aim of this study is to reassess the sources behind US state-level growth during the post-war period. It improves upon the existing literature (1) by using a general method-of-moments (GMM) estimator that eliminates omitted variable and endogeneity bias, (2) by allowing for parameter heterogeneity, and (3) by extending the sample to the pre- and post-productivity slowdown periods. Unlike previous regional growth studies, the paper supports both predictions of neoclassical growth theory. First, strong evidence of convergence in state-level growth rates is found. Second, the rate of convergence and capital share are inversely related. Moreover, numerical computations show that the estimated values for the convergence rate and capital share are consistent with the neoclassical growth model. Yamarik S. (2006) Solow et les Etats: de nouvelles preuves, Regional Studies 40 , 571--582. Cette étude cherche à réévaluer les origines de la croissance aux Etats-Unis sur le plan des états pendant la période d'après-guerre. On développe la documentation existante (1) en utilisant une estimation du type GMM qui élimine la distorsion due aux variables exclues et endogènes, (2) en tenant compte des paramètres hétérogènes et (3) en étendant l'échantillon aux périodes de ralentissement de la productivité d'avant et d'après-guerre. A la différence des études antérieures sur la croissance régionale, le présent article soutient les deux prédictions de la théorie de croissance classique. Dans un premier temps, il s'avère de fortes preuves en faveur de la convergence des taux de croissance sur le plan des états. Dans un deuxième temps, le taux de convergence et le partage des capitaux se rapportent de façon inversement proportionnelle. Qui plus est, les calculs numériques montrent que les estimations du taux de convergence et de la part du capital correspondent au modèle de croissance néo-classique. Croissance régionale  Convergence  Enquête permanente  GMM   Yamarik S. (2006) Solow und die Staaten: neue Beweise, Regional Studies 40 , 571--582. Diese Untersuchung beabsichtigt, die Quellen neu zu beurteilen, die in der Nachkriegszeit hinter dem Wachstum der USA auf Staatenebene zu beobachten waren. Verbesserungen der bereits vorhandenen Literatur werden dadurch erreicht, daß: 1. ein GMM Berechner eingesetzt wird, der bisher ausgelassene veränderliche und endogenetische Voreingenommenheit ausschaltet, 2. Rahmenheterogenität berücksichtigt,und 3. die Stichprobe auf Perioden vor und nach der verlangsamten Leistung ausdehnt. Anders als frühere Untersuchungen regionalen Wachstums tritt dieser Aufsatz für beide Vorhersagen der neo-klassischen Wachstumstheorie ein. Erstens gibt es kräftige Beweise der Konvergenz von Wachstumsraten auf überregionaler Ebene. Zweitens stehen die Raten der Konvergenz und des Kapitalanteils in umgekehrter Beziehung zueinander. Darüberhinaus zeigen zahlenmäßige Berechnumgen, daß die berechneten Werte für die Konvergenzrate und den Kapitalanteil mit dem neo-klassischen Wachstumsmodell übereinstimmen. Regionales Wachstum  Konvergenz  Datenliste  GMM Yamarik S. (2006) Solow y los Estados: nueva evidencia, Regional Studies 40 , 571--582. La finalidad de este estudio es reexaminar las fuentes del crecimiento a nivel estatal en los Estados Unidos durante la era de la posguerra. Basándonos en la literatura presente obtenemos mejores resultados porque (1) usamos un estimador GMM que elimina el sesgo debido a variables omitidas y endogeneidad, (2) tenemos en cuenta el carácter heterogéneo de los parámetros y (3) ampliamos la muestra a los periodos anterior y posterior a la disminución de la productividad. A diferencia de estudios anteriores sobre el crecimiento regional, aquí apoyamos las dos predicciones de la teoría neoclásica del crecimiento. En primer lugar, hallamos sólidas pruebas de convergencia en las tasas de crecimiento en un ámbito estatal. En segundo lugar, la tasa de convergencia y el porcentaje de capital están inversamente relacionados. Además, las computaciones numéricas muestran que los valores estimados para la tasa de convergencia y el porcentaje de capital son coherentes con el modelo de crecimiento neoclásico. Crecimiento regional  Convergencia  Datos del panel  GMM

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Article provided by Taylor and Francis Journals in its journal Regional Studies.

Volume (Year): 40 (2006)
Issue (Month): 6 (August)
Pages: 571-582
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Handle: RePEc:taf:regstd:v:40:y:2006:i:6:p:571-582

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Related research
Keywords: Regional growth; Convergence; Panel data; General method-of-moments (GMM);

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