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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Estimating Open Economy Phillips Curves for the Euro Area with Directly Measured Expectations
TL;DR: In this paper, the authors examined euro area inflation dynamics by estimating open economy New Keynesian Phillips curves based on the assumption that all imports are intermediate goods, instead of imposing rational expectations a priori, Consensus Economics survey data and OECD inflation forecasts are used to proxy inflation expectations.
Journal ArticleDOI
Why Do Growth Rates Differ? Evidence from Cross-Country Data on Private Sector Production
Juha Kilponen,Matti Virén +1 more
TL;DR: In this article, the authors estimate a standard production function 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 United States.
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The elasticity of substitution and labor-saving innovations in the Spanish regions
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