Why do growth rates differ? Evidence from cross-country data on private sector production
Juha Kilponen,Matti Virén +1 more
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In this paper, the authors estimate standard production functions with a new cross-country data set on business sector production, wages and R&D investment for a selection of 14 OECD countries including the US.Abstract:
We estimate standard production functions with a new cross-country data set on business sector production, wages and R&D investment for a selection of 14 OECD countries including the US. The data sample covers years the 1960–2004. The data suggest that growth differences can largely be explained by capital deepening and the ability to produce new technology in the form of new patents. We also find strong evidence of complementarity between patents and openness of the economy, but little evidence of increasing elasticity of substitution over time.read more
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A continuous-time model of the term structure of interest rates with fiscal-monetary policy interactions
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International R&D Spillovers
TL;DR: In this paper, the effects of both domestic and foreign R&D capital stocks on total factor productivity were investigated and it was shown that the foreign stocks had large effects on the smaller countries in the sample.
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International R&D spillovers
TL;DR: In this paper, a model is presented based on recent theories of economic growth that treat commercially oriented innovation efforts as a major engine of technological progress, and the authors study the extent to which a country's total factor productivity depends not only on domestic R&D capital but also on foreign capital.
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Endogenous Growth Theory
Philippe Aghion,Peter Howitt +1 more
TL;DR: Aghion and Howitt make use of Schumpeter's concept of creative destruction, the competitive process whereby entrepreneurs constantly seek new ideas that will render their rivals' ideas obsolete as discussed by the authors.
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Reopening the Convergence Debate: A New Look at Cross-Country Growth Empirics
TL;DR: This article used a generalized method of moments estimator to estimate a variety of cross-country growth regressions and found that per capita incomes converge to their steady-state levels at a rate of approximately 10 percent per year.
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Quality Ledders In The Theory Of Growth
Gene M. Grossman,Elhanan Helpman +1 more
TL;DR: In this paper, a model of repeated product improvements in a continuum of sectors is developed, where each product follows a stochastic progression up a quality ladder, and the rate of aggregate growth is constant.