Why do growth rates differ? : Evidence from cross-country data on private sector production

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Title: Why do growth rates differ? : Evidence from cross-country data on private sector production
ISBN: 978-952-462-442-8
Author: Kilponen, Juha ; Virén, Matti
Organization: Bank of Finland
Series: Bank of Finland Research Discussion Papers
ISSN: 1456-6184
Series year: 2008
Series number: 13/2008
Year of publication: 2008
Publication date: 1.5.2008
Published in: Published in Empirica, Volume 37, Number 3, July 2010, pp. 311-328
DOI: 10.1007/s10663-009-9110-y
Pages: 27 s.
Keywords: tuotanto; talouskasvu; kansainvälinen; yritykset; patentit; teknologia; R&D;
JEL: O40; E10; O43
Abstract: We 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. The data sample covers the years 1960-2004. The data suggest that growth differences can largely be explained by capital deepening and an ability to produce new technology in the form of new patents. The importance of patents is magnified by the openness of the economy. We find some evidence of increasing elasticity of substitution over time, all though the results are sensitive to assumptions on the nature of technological progress. Keywords: growth, R&D, production function, patents JEL classification numbers: O40, E10, O43
Note: Ilmestynyt myös Empirica 37:3 ; v. 2010
Rights: https://helda.helsinki.fi/bof/copyright


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