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Title: Convergence in international output: evidence from panel data unit root tests
Authors: Holmes, Mark J.
Keywords: Unit root testing
Panel data
Convergence
Issue Date: 2000
Publisher: © Loughborough University
Abstract: This paper investigates international output convergence using methods of panel data unit root testing advocated by Im et al. (1997) and Breuer et al. (1999). Using quarterly data for a sample of OECD economies for the period 1960-98 on GDP differentials, the evidence suggests that power deficiency may be an issue where univariate ADF unit root tests find against convergence with respect to the US or Germany. However, while the Im et al. t-bar test offers strong evidence in favor of convergence, the Breuer et al. SURADF test suggests that this finding may in fact be driven by the rejection of non-stationarity in a small number of cases.
Description: This is Business Cycle Volatility and Economic Growth Research Report No. 00/6.
Sponsor: This paper forms part of the ESRC funded project (Award No. L1382511013) “Business Cycle Volatility and Economic Growth: A Comparative Time Series Study”, which itself is part of the Understanding the Evolving Macroeconomy Research programme.
URI: https://dspace.lboro.ac.uk/2134/1129
Appears in Collections:Working Papers (Economics)

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