Specification and Testing of Markov Chain Models: An Application to Convergence in the European Union
展示了马尔可夫链在分析人均收入趋同中的适用性和重要性，并指出潜在陷阱。基于1975-1993年欧盟区域数据，发现各区域正趋近于一种均衡，表现为各产出水平的经济体比例稳定，且各水平间存在永久性流动机会，这与多稳态的存在一致。
Recently Markov chains have been used to analyze the convergence properties of national and regional per capita incomes. This paper highlights their applicability and importance for economists and illustrates some of the potential pitfalls associated with this approach. The empirical conclusions, based on data for the period 1975 to 1993, are that the regions of the EU appear to be converging to a form of equilibrium characterized by stable proportions of economies at a range of output per capita levels, and by a permanent chance of mobility between all levels, consistent with the existence of multiple steady‐states across countries.