In this paper, we provide empirical evidence for some European countries, over the period 1963-2000, on whether business cycle affects convergence process or catching-up. To do so, we first evaluate beta-convergence. We find evidence in favour of this type of convergence for six countries...

This paper studies the asymptotics of nonstationary fractionally integrated (NFI) multivariate processes with memory parameter d 0.5 . We provide conditions to establish a functional central limit theorem and weak convergence of stochastic integrals for NFI processes under the assumption that...