Abstract
One of the most widely studied empirical questions in the new growth economics concerns the role of initial conditions in affecting long-run outcomes. The statistical formulation of this dependence is known as convergence. This article surveys empirical work on convergence, with emphasis on the relationships between conventional definitions of convergence, the main statistical frameworks of evaluating convergence, and various economic models.
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Durlauf, S.N., Johnson, P.A. (2018). Convergence. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2376
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DOI: https://doi.org/10.1057/978-1-349-95189-5_2376
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