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Economic Convergence and Policy Implications
This chapter explores the convergence in state economies in the US, discussing factors like industrial composition, female labor force participation, and income. It highlights how states have become more alike in economic experiences and recoveries from shocks, emphasizing the role of industrial makeup in shaping responses to recessions. The chapter delves into policy implications, stressing the need for federal macroeconomic stabilization policies given the uniformity in state-level economic experiences.