Convergence revisited

Article Abstract:

The convergence of economies is usually studied by examining the association between the per capita output's growth rate and the primary amount of the per capita output. It was argued that this approach is correct only when economies have similar first-order autoregressive dynamic structures and that the cross-economy differences must be under control. Economic data from the mainland US states from 1929-1991 and for 54 countries from 1959-1990 were studied. It was argued that the evidence for the convergence of economies are not valid since economies do not have similar first-order autoregressive dynamic structures.

Models, Economic development, International economic integration, Economic integration

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Are apparent productive spillovers a figment of specification error?

Article Abstract:

Analysis of data on gross output for two-digit manufacturing firms reveals that a rise in the output of one manufacturing sector has virtually no impact on the productivity of other sectors. Examination of value-added data confirms the findings of past studies which conclude that output spillovers instead appear huge. An explanation is proposed for these differences, illustrating why, with imperfect competition, the application of value-added data causes doubtful findings of huge apparent external effects.

All Other Miscellaneous Manufacturing, Manufacturing industries, not elsewhere classified, Manufacturing Industries NEC, Productivity, Manufacturing industry, Manufacturing industries, Externalities (Economics), Value added, Monopolistic competition

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Macroeconomic implications of production bunching

Article Abstract:

An analysis of empirical evidence which implies output's greater variability compared to consumption is presented. The analysis covers such evidence in relation to the presence of production smoothing and defines macroeconomic implications. It is shown that costly complementary and inventory holding in sufficient terms generate firm nonconvexities which allow greater variance of output compared with sales.

Macroeconomics

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