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An R&D-Based Model of Multi-Sector Growth

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Author Info
Rachel Ngai
Roberto M. Samaniego

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Abstract

We develop a multi-sector general equilibrium model in which productivity growth is drivenby the production of sector-specific knowledge. In the model, we find that long rundifferences in total factor productivity growth across sectors are independent of theparameters of the knowledge production function except for one, which we term the fertilityof knowledge. Differences in R&D intensity are also independent of most other parameters.The fertility of knowledge in the capital sector is central to the growth properties of the modeleconomy.

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Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0762.

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Date of creation: Dec 2006
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Handle: RePEc:cep:cepdps:dp0762

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Related research
Keywords: Endogenous technical change multisector growth fertility of knowledge totalfactor productivity R&D intensity investment-specific technical change

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Find related papers by JEL classification:
D24 - Microeconomics - - Production and Organizations - - - Production; Capital and Total Factor Productivity; Capacity
D92 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Firm Choice and Growth, Investment, or Financing
O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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  1. Samuel S. Kortum, 1997. "Research, Patenting, and Technological Change," Econometrica, Econometric Society, vol. 65(6), pages 1389-1420, November.
  2. Jeffrey I. Bernstein & M. Ishaq Nadiri, 1989. "Research and Development and Intraindustry Spillovers: An Empirical Application of Dynamic Duality," NBER Working Papers 2002, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Samaniego, Roberto M., 2007. "R D And Growth: The Missing Link?," Macroeconomic Dynamics, Cambridge University Press, vol. 11(05), pages 691-714, May. [Downloadable!]
  4. Benjamin F. Jones, 2005. "The burden of knowledge and the ‘death of the Renaissance man’: Is innovation getting harder?," Proceedings, Federal Reserve Bank of San Francisco. [Downloadable!]
  5. Burnside, Craig, 1996. "Industry innovation: where and why A comment," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 44, pages 151-167, June. [Downloadable!] (restricted)
  6. Griliches, Zvi, 1990. "Patent Statistics as Economic Indicators: A Survey," Journal of Economic Literature, American Economic Association, vol. 28(4), pages 1661-1707, December. [Downloadable!] (restricted)
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  7. James D. Adams & Adam B. Jaffe, 1996. "Bounding the Effects of R&D: An Investigation Using Matched Establishment-Firm Data," RAND Journal of Economics, The RAND Corporation, vol. 27(4), pages 700-721, Winter. [Downloadable!] (restricted)
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  8. Jones, Charles I, 1995. "R&D-Based Models of Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 103(4), pages 759-84, August. [Downloadable!] (restricted)
  9. Jaffe, Adam B, 1986. "Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits, and Market Value," American Economic Review, American Economic Association, vol. 76(5), pages 984-1001, December. [Downloadable!] (restricted)
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  10. Nelson, Richard R. & Winter, Sidney G., 1993. "In search of useful theory of innovation," Research Policy, Elsevier, vol. 22(2), pages 108-108, April. [Downloadable!] (restricted)
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  11. Daniel J. Wilson, 2002. "Is Embodied Technology the Result of Upstream R&D? Industry-Level Evidence," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(2), pages 285-317, April. [Downloadable!] (restricted)
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  12. Greenwood, Jeremy & Hercowitz, Zvi & Krusell, Per, 1997. "Long-Run Implications of Investment-Specific Technological Change," American Economic Review, American Economic Association, vol. 87(3), pages 342-62, June. [Downloadable!] (restricted)
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  13. repec:fth:harver:1473 is not listed on IDEAS
  14. Charles I. Jones, 2002. "Sources of U.S. Economic Growth in a World of Ideas," American Economic Review, American Economic Association, vol. 92(1), pages 220-239, March. [Downloadable!] (restricted)
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  15. Jeffrey L. Furman & Scott Stern, 2006. "Climbing Atop the Shoulders of Giants: The Impact of Institutions on Cumulative Research," NBER Working Papers 12523, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  19. Rosenberg, Nathan, 1969. "The Direction of Technological Change: Inducement Mechanisms and Focusing Devices," Economic Development and Cultural Change, University of Chicago Press, vol. 18(1), pages 1-24, Part I Oc.
  20. Klenow, Peter J., 1996. "Industry innovation: where and why," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 44, pages 125-150, June. [Downloadable!] (restricted)
  21. Krusell, Per, 1998. " Investment-Specific R&D and the Decline in the Relative Price of Capital," Journal of Economic Growth, Springer, vol. 3(2), pages 131-41, June. [Downloadable!] (restricted)
  22. Evangelia Vourvachaki, 2006. "Information and Communication Technologies in a Multi-Sector Endogenous Growth Model," CEP Discussion Papers dp0750, Centre for Economic Performance, LSE. [Downloadable!]
  23. Benjamin F. Jones, 2005. "The Burden of Knowledge and the 'Death of the Renaissance Man': Is Innovation Getting Harder?," NBER Working Papers 11360, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  24. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-51, March. [Downloadable!] (restricted)
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  25. Bernstein, Jeffrey I & Nadiri, M Ishaq, 1988. "Interindustry R&D Spillovers, Rates of Return, and Production in High-Tech Industries," American Economic Review, American Economic Association, vol. 78(2), pages 429-34, May. [Downloadable!] (restricted)
    Other versions:
  26. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S71-102, October. [Downloadable!] (restricted)
    Other versions:
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Giorgio Gobbi & Roberta Zizza, 2007. "Does the Underground Economy Hold Back Financial Deepening? Evidence from the Italian Credit Market," CEP Discussion Papers dp0789, Centre for Economic Performance, LSE. [Downloadable!]
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  2. Henry G. Overman & Diego Puga & Matthew Turner, 2007. "Decomposing the Growth in Residential Land in the United States," CEP Discussion Papers dp0778, Centre for Economic Performance, LSE. [Downloadable!]
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  3. Gianluca Benigno & Christoph Theonissen, 2006. "Consumption and Real Exchange Rates with Incomplete Markets and Non-Traded Goods," CEP Discussion Papers dp0771, Centre for Economic Performance, LSE. [Downloadable!]
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  4. Willem Buiter, 2007. "Seigniorage," CEP Discussion Papers dp0786, Centre for Economic Performance, LSE. [Downloadable!]
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  5. Alan Manning, 2007. "The Plant Size-Place Effect: Agglomeration and Monopsony in Labour Markets," CEP Discussion Papers dp0773, Centre for Economic Performance, LSE. [Downloadable!]
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