You Learned in Intermediate Macroeconomics That Certain Macroeconomic Growth Models\[\begin{aligned} \widehat { g 8975 } = & 0.024 - 0.005 P C G D P 75 _ { - } U S ; R ^ { 2 } = 0.025 , S E R = 0.006 \\ & ( 0.06 ) ( 0.008 ) \end{aligned}\]

The Answer of You Learned in Intermediate Macroeconomics That Certain Macroeconomic Growth Models\[\begin{aligned} \widehat { g 8975 } = & 0.024 - 0.005 P C G D P 75 _ { - } U S ; R ^ { 2 } = 0.025 , S E R = 0.006 \\ & ( 0.06 ) ( 0.008 ) \end{aligned}\]

You Learned in Intermediate Macroeconomics That Certain Macroeconomic Growth Models\[\begin{aligned} \widehat { g 8975 } = & 0.024 - 0.005 P C G D P 75 _ { - } U S ; R ^ { 2 } = 0.025 , S E R = 0.006 \\ & ( 0.06 ) ( 0.008 ) \end{aligned}\]

The Answer of You Learned in Intermediate Macroeconomics That Certain Macroeconomic Growth Models\[\begin{aligned} \widehat { g 8975 } = & 0.024 - 0.005 P C G D P 75 _ { - } U S ; R ^ { 2 } = 0.025 , S E R = 0.006 \\ & ( 0.06 ) ( 0.008 ) \end{aligned}\]

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You Learned in Intermediate Macroeconomics That Certain Macroeconomic Growth Models

question 23

Essay

You learned in intermediate macroeconomics that certain macroeconomic growth models
predict conditional convergence or a catch up effect in per capita GDP between the
countries of the world.That is, countries which are further behind initially in per-capita
GDP will grow faster than the leader.You gather data from the Penn World Tables to test
this theory.
(a)By limiting your sample to 24 OECD countries, you hope to have a more homogeneous
set of countries in your sample, i.e., countries that are not too different with respect to
their institutions.To simplify matters, you decide to only test for unconditional
convergence.In that case, the laggards catch up even without taking into account
differences in some of the driving variables.Your scatter plot and regression for the time
period 1975-1989 are as follows: $You learned in intermediate macroeconomics that certain macroeconomic growth models predict conditional convergence or a catch up effect in per capita GDP between the countries of the world.That is, countries which are further behind initially in per-capita GDP will grow faster than the leader.You gather data from the Penn World Tables to test this theory. (a)By limiting your sample to 24 OECD countries, you hope to have a more homogeneous set of countries in your sample, i.e., countries that are not too different with respect to their institutions.To simplify matters, you decide to only test for unconditional convergence.In that case, the laggards catch up even without taking into account differences in some of the driving variables.Your scatter plot and regression for the time period 1975-1989 are as follows: \begin{aligned} \widehat { g 8975 } = & 0.024 - 0.005 P C G D P 75 _ { - } U S ; R ^ { 2 } = 0.025 , S E R = 0.006 \\ & ( 0.06 ) ( 0.008 ) \end{aligned} where \widehat { g 8975 } is the average annual growth rate of per capita GDP from 1975-1989, and PCGDP75_US is per capita GDP relative to the United States in 1975. Numbers in parenthesis are heteroskedasticity-robust standard errors. Interpret the results.Is there indication of unconditional convergence? What critical value did you use?$
$\begin{aligned}\widehat { g 8975 } = & 0.024 - 0.005 P C G D P 75 _ { - } U S ; R ^ { 2 } = 0.025 , S E R = 0.006 \\& ( 0.06 ) ( 0.008 )\end{aligned}$ where $\widehat { g 8975 }$ is the average annual growth rate of per capita GDP from 1975-1989, and PCGDP75_US is per capita GDP relative to the United States in 1975. Numbers in parenthesis are heteroskedasticity-robust standard errors. Interpret the results.Is there indication of unconditional convergence? What critical
value did you use?

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American Culture

The set of norms, values, practices, and traditions that are characteristic of the United States.

Information Age

A period in human history characterized by the shift from traditional industry to an economy based on information technology.

Farmers

Individuals engaged in agriculture, raising living organisms for food or raw materials.

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The showing of politeness in one's attitude and behavior towards others.