Why Did Income Growth Vary Across States During the Great Depression?
研究美国各州在大萧条期间人均收入增长差异的来源，发现低收入州在衰退期降幅更大，但在复苏期涨幅也更大，导致收入在衰退期发散、复苏期收敛。
This note investigates the sources of variation in the growth of per capita personal incomes across U.S. states during the Great Depression. States entering the economic contraction with relatively low per capita incomes tended to suffer larger percentage declines in per capita income than did high income states. By contrast, low-income states tended to experience larger percentage gains during the recovery. Hence, state per capita incomes diverged during the contraction phase and converged during the recovery phase.