This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

R&D and Real Interest Rate in the US: Theory and Empirics

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Constantine Alexandrakis ()

Additional information is available for the following registered author(s):

Abstract

In this paper we investigate the relationship between the long-run real interest rate and the share of resources devoted to research in the US. In contrast to what is predicted by many R&D-based growth models we find the two to be positively correlated. We then calibrate a model with endogenous technological change and examine if it can produce a positive relationship between the two variables. Our results provide an appealing explanation for the observed low-frequency variations in the share of labor employed in R&D and the long-run real interest rate, and for the productivity slowdown.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.economics.emory.edu/Working_Papers/wp/alexandrakis_03_15_paper.pdf
File Format: application/pdf
File Function:
Download Restriction: no

Publisher Info
Paper provided by Department of Economics, Emory University (Atlanta) in its series Emory Economics with number 0315.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length:
Date of creation: Sep 2003
Date of revision:
Handle: RePEc:emo:wp2003:0315

Contact details of provider:
Email:
Web page: http://www.economics.emory.edu/Working_Papers/wp/
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: (Sue Mialon).

Related research
Keywords:

References listed on IDEAS
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. Adams, James D, 1990. "Fundamental Stocks of Knowledge and Productivity Growth," Journal of Political Economy, University of Chicago Press, vol. 98(4), pages 673-702, August. [Downloadable!] (restricted)
  2. Martin Neil Baily & Robert J. Gordon, 1988. "The Productivity Slowdown, Measurement Issues, and the Explosion of Computer Power," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1988-2), pages 347-432. [Downloadable!]
  3. Griliches, Zvi, 1994. "Productivity, R&D, and the Data Constraint," American Economic Review, American Economic Association, vol. 84(1), pages 1-23, March.
    Other versions:
  4. Aghion, Philippe & Howitt, Peter, 1992. "A Model of Growth through Creative Destruction," Econometrica, Econometric Society, vol. 60(2), pages 323-51, March. [Downloadable!] (restricted)
    Other versions:
  5. Griliches, Zvi, 1988. "Productivity Puzzles and R&D: Another Nonexplanation," Journal of Economic Perspectives, American Economic Association, vol. 2(4), pages 9-21, Fall. [Downloadable!] (restricted)
Full references

Statistics
Access and download statistics

Did you know? IDEAS is not the only service displaying RePEc data. Choose on RePEc which service fits your needs best.

This page was last updated on 2009-12-8.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.