Galton's Fallacy and Tests of the Convergence Hypothesis
نویسندگان
چکیده
منابع مشابه
Galton’s Fallacy and Tests of the Convergence Hypothesis
Recent tests for the convergence hypothesis derive from regressing average growth rates on initial levels: a negative initial level coefficient is interpreted as convergence. These tests turn out to be plagued by Galton’s classical fallacy of regression towards the mean. Using a dynamic version of Galton’s fallacy, I establish that coefficients of arbitrary signs in such regressions are consist...
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ژورنال
عنوان ژورنال: The Scandinavian Journal of Economics
سال: 1993
ISSN: 0347-0520
DOI: 10.2307/3440905