Regional convergence: Evidence from a new state-by-state capital stock series

• 成果类型: Article
• 署名作者: Garofalo, GA; Yamarik, S
• 署名单位: University System of Ohio; University of Akron
• 刊物名称: REVIEW OF ECONOMICS AND STATISTICS
• ISSN/ISSBN: 0034-6535
• DOI: 10.1162/003465302317411569
• 发表日期: 2002-05
• 页码: 316-323
• 关键词: productivity

摘要

This paper seeks to reconcile the growth empirics technique of Mankiw. Romer, and Weil (1992) with the empirical results of Barro and Sala-i-Martin (1991) through the development of a new database covering the 1977-96 period. We create state-by-state capital stock and gross investment estimates by apportioning the national capital stock among the states. Using these estimates along with gross state product and employment data, we find evidence that the Solow growth model explains state-wide growth during this period. We consistently find a rate of convergence of around 2%. Our results, as a consequence, suggest that the empirical results of Barro and Sala-i-Martin are driven by the neoclassical growth process of Solow.