Cross-country income convergence revisited

We reassess convergence of income across countries and its determinants. The ergodic distribution of output per worker features multiple modes. In contrast to previous findings, productivity in the long run is unimodal. The long-run distribution of human capital is multimodal.

► We reassess convergence of income across countries and its determinants. ► 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.