Have Absolute Price Levels Converged for Developed Economies? The Evidence since 1870
比较了11个发达经济体自1870年以来的价格水平和收入趋同情况，发现价格趋同发生较晚且程度较低，收入趋同始于1880年代，而价格趋同则在1950年后才出现。
We compare price level and income convergence since 1870 for eleven developed economies using implicit price deflators derived from the GDP data of Maddison (1995, 2001, 2003). We find that "sigma" and "beta" convergence for prices occurs later and to a lesser extent than income. Price levels converge after 1950 while income convergence begins in the 1880s. We find no evidence for stochastic price convergence or for "club" price convergence. Copyright by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.