Is real per capita state personal income stationary? New nonlinear, asymmetric panel-data evidence

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Date

2020

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Wiley

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Economics
(1997)
Founded in 1997, the Department of Economics is among the founding departments of our University. The Department offers two extensive undergraduate programs, either in English or in Turkish. Our undergraduate programs are catered to developing our students’ skills of analytical thinking, and to practical education. In this regard, the Social Sciences Research and Training Laboratory, founded under the guidance of our department, offers hands-on training to our own students, students and academicians from other universities, and public institutions. Our Department also offers a Graduate Degree Program in Applied Economy and a Doctorate Degree Program in Political Economy for graduates of undergraduate and graduate degree programs.

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Abstract

This paper re-examines the stochastic properties of U.S. state real per capita personal income, using new panel unit-root procedures. The new developments incorporate non-linearity, asymmetry, and cross-sectional correlation within panel-data estimation. Including nonlinearity and asymmetry finds that 43 states exhibit stationary real per capita personal income whereas including only nonlinearity produces 42 states that exhibit stationarity. Stated differently, we find that two states exhibit nonstationary real per capita personal income when considering nonlinearity, asymmetry, and cross-sectional dependence.

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Emirmahmutoglu, Furkan/0000-0001-7358-3567; Omay, Tolga/0000-0003-0263-2258; Miller, Stephen/0000-0002-6754-0605

Keywords

asymmetry, cross-sectional dependence, nonlinear, panel unit root, sieve bootstrap, C12, C15, C23

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Citation

6

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Q4

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Volume

72

Issue

1

Start Page

50

End Page

62

URI

https://doi.org/10.1111/boer.12209
 https://hdl.handle.net/20.500.14411/3497

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