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Empirical Results

In: Convergence in Output and Its Sources Among Industrialised Countries

Author

Listed:
  • Macarena Hernández-Salmerón

    (Regional Government of Andalusia)

  • Diego Romero-Ávila

    (Pablo de Olavide University)

Abstract

This chapter 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 and average annual hours worked) in 21 OECD countries over the period 1970–2011. Towards this end, we apply a large battery of panel unit root and stationarity tests, all robust to the presence of cross-sectional dependence. The analysis fails to provide clear-cut evidence of convergence dynamics either in real GDP per worker or in the series of the sources of output. Except for the panel unit root tests of Choi (2002) and Moon and Perron (2004), the panel unit root statistics of Chang (2002), Smith et al. (2004), Breitung and Das (2005) and Pesaran (2007) as well as the panel stationarity tests of Hadri (2000) and Harris et al. (2005) do not generally support the convergence hypothesis.

Suggested Citation

  • Macarena Hernández-Salmerón & Diego Romero-Ávila, 2015. "Empirical Results," SpringerBriefs in Economics, in: Convergence in Output and Its Sources Among Industrialised Countries, edition 127, chapter 0, pages 25-44, Springer.
  • Handle: RePEc:spr:spbchp:978-3-319-13635-6_4
    DOI: 10.1007/978-3-319-13635-6_4
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