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Endogenous Growth: Estimating the Romer Model for the US and Germany

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  • Gang Gong
  • Alfred Greiner
  • Willi Semmler

Abstract

By contrasting endogenous growth models with facts, one is frequently confronted with the prediction that levels of economic variables, such as R&D expenditures, imply lasting effects on the growth rate of an economy. As stylized facts show, the research intensity in most advanced countries has dramatically increased, mostly more than the GDP. Yet, the growth rates have roughly remained constant or even declined. In this paper we modify the Romer endogenous growth model and test our variant of the model using time series data. We estimate the market version both for the US and Germany for the time period January 1962 to April 1996. Our results demonstrate that the model is compatible with the time series for aggregate data in those countries. All parameters fall into a reasonable range. Copyright 2004 Blackwell Publishing Ltd.

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Bibliographic Info

Article provided by Department of Economics, University of Oxford in its journal Oxford Bulletin of Economics & Statistics.

Volume (Year): 66 (2004)
Issue (Month): 2 (05)
Pages: 147-164

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Handle: RePEc:bla:obuest:v:66:y:2004:i:2:p:147-164

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Cited by:
  1. Kong Weng Ho & Hian Teck Hoon, 2006. "Growth Accounting for a Follower-Economy in a World of Ideas: The Example of Singapore," Working Papers 15-2006, Singapore Management University, School of Economics.
  2. Rao, B. Bhaskara & Singh, Rup & Nisha, Fozia, 2006. "An extension to the neoclassical growth modelto Estimate Growth and Level Effects," MPRA Paper 2186, University Library of Munich, Germany.
  3. Bettina Büttner, 2006. "Effectiveness versus Efficiency: Growth-Accelerating Policies in a Model of Growth without Scale Effects," German Economic Review, Verein für Socialpolitik, vol. 7, pages 297-316, 08.
  4. Edwin Garces & Tugrul Daim, 2012. "Impact of Renewable Energy Technology on the Economic Growth of the USA," Journal of the Knowledge Economy, Springer, vol. 3(3), pages 233-249, September.
  5. Ho, Kong Weng & Hoon, Hian Teck, 2009. "Growth accounting for a technology follower in a world of ideas: The case of Singapore," Journal of Asian Economics, Elsevier, vol. 20(2), pages 156-173, March.
  6. Tom-Reiel Heggedal, 2008. "On R&D and the undersupply of emerging versus mature technologies," Discussion Papers 571, Research Department of Statistics Norway.
  7. Ulku, Hulya, 2005. "R&D, Innovation and Growth: Evidence from Four Manufacturing Sectors in OECD Countries," Development Economics and Public Policy Working Papers 30542, University of Manchester, Institute for Development Policy and Management (IDPM).
  8. Bye, Brita & Fæhn, Taran & Heggedal, Tom-Reiel, 2009. "Welfare and growth impacts of innovation policies in a small, open economy; an applied general equilibrium analysis," Economic Modelling, Elsevier, vol. 26(5), pages 1075-1088, September.

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