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- Title
European Common Stochastic Long-Run Trends.
- Authors
Reppas, Panagiotis; Tsionas, Efthymios G.; Christopoulos, Dimitris
- Abstract
The paper examines convergence on the European level by using production functions which include capital and labor as factors of production. The methodology is based on principal-components analysis of common trends appropriate for heterogeneous panels. Using data for the 1960-1997 period and alternative specifications, it is found that convergence can be decisively rejected, although the number of common trends is relatively low (about four or five).
- Subjects
PRODUCTION functions (Economic theory); ECONOMIC trends; PRODUCTION (Economic theory); FACTORS of production; INDUSTRIAL relations; ECONOMIC models
- Publication
Journal of Economics, 2001, Vol 74, Issue 2, p119
- ISSN
0931-8658
- Publication type
Article
- DOI
10.1007/BF01231550