Sigma convergence versus beta convergence: evidence from U.S. county-level data

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Date: Aug. 2008
From: Journal of Money, Credit & Banking(Vol. 40, Issue 5)
Publisher: John Wiley & Sons, Inc.
Document Type: Report
Length: 3,097 words
Lexile Measure: 1520L

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Abstract :

In this paper, we outline (i) why [sigma]-convergence may not accompany [beta]-convergence, (ii) discuss evidence of [beta]-convergence in the United States, and (iii) use U.S. county-level data containing over 3,000 cross-sectional observations to demonstrate that or-convergence cannot be detected at the county level across the United States, or within the large majority of the individual U.S. states considered separately. Indeed, in many cases statistically significant [sigma]-divergence is found. JEL codes: 011, 018, 040, R11 Keywords: [sigma]-convergence, [beta]-convergence, Solow growth model, speed of convergence, balanced growth, U.S. county-level data, income distribution, Gini coefficient, income equality.

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Gale Document Number: GALE|A182467782