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Initial Values and Income Convergence: Do "The Poor Stay Poor"?
The Review of Economics and Statistics
Vol. 86, No. 1 (Feb., 2004), pp. 444-446
Published by: The MIT Press
Stable URL: http://www.jstor.org/stable/3211689
Page Count: 3
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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.
The Review of Economics and Statistics © 2004 The MIT Press