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Cross-country Income Convergence Revisited
We reassess convergence of income and its determinants across countries using the dataset constructed by Klenow and Rodriguez-Clare (2005) and our updated version of the same data. Consistent with the literature, the ergodic distribution of output per worker features separate convergence clubs. In contrast to previous findings, productivity in the long run is unimodal. The long-run distribution of human capital is multimodal.