生計費指數와 美國의 州別 所得 收斂에 관한 實證分析
Cost of Living Index and More Evidence on Convergence Across States
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참고문헌
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초록
본고는 미국상공회의소에서 발간된 주별 생계비지수를 사용하여 1968-2001 기간 동안 미국의 주별 1인당 실질소득이 수렴하였는가를 분석하였다. 이를 위해 횡단면 상의 이질성과 의존성을 고려한 Chang(2002)의 비선형 도구변수 패널 단위근 검정을 실시하였다. 분석결과 우리는 전부 다는 아니지만 적어도 일부 주들 사이에 1인당 실질소득이 수렴함을 발견하였다. 우리는 또한 이러한 결과가 1인당 실질소득을 구할 때 전국 소비자물가지수를 사용하는 경우보다 주별 생계비지수를 사용하는 경우에 강화됨을 발견하였다.
Abstract
We use cost-of-living index for each state published by American Chamber of Commerce Researchers Association to test whether or not convergence occurred across the U.S. states over the sample period 1968-2001. Testing is conducted in a panel regression context using the nonlinear IV panel unit root test of Chang(2002), which properly accounts for the cross-sectional dependency and heterogeneities apparent in the income panel. We find that at least, if not all, some states are converging to the mean across states when purchasing power discrepancies are considered.
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