Have absolute price levels converged for developed economies? The evidence since 1870

• 成果类型: Article
• 署名作者: Chen, Lein-Lein; Choi, Seungmook; Devereux, John
• 署名单位: City University of New York (CUNY) System; Queens College NY (CUNY); Nevada System of Higher Education (NSHE); University of Nevada Reno; Nevada System of Higher Education (NSHE); University of Nevada Reno
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/rest.90.1.29
• 发表日期: 2008-02
• 页码: 29-36
• 关键词: international comparisons; productivity growth; time-series; hypothesis; welfare

摘要

We compare price level and income convergence since 1870 for eleven developed economies using implicit price deflators derived from the GDP data of Maddison (1995, 2001, 2003). We find that sigma and beta convergence for prices occurs later and to,a lesser extent than income. Price levels converge after 1950 while income convergence begins in the 1880s. We find no evidence for stochastic price convergence or for club price convergence.