Relating the Knowledge Production Function to total Factor Productivity
AbstractThe knowledge production function is central to R&D-based growth models. This paper empirically investigates the knowledge production function and intertemporal spillover effects using cointegration techniques. Time-series evidence suggests there are two long-run cointegrating relationships. The first captures a long-run knowledge production function; the second captures a long-run positive relationship between TFP and the knowledge stock. The results indicate the presence of strong intertemporal knowledge spillovers and that the long-run impact of the knowledge stock on TFP is small. This evidence is interpreted in light of existing theoretical and empirical evidence on endogenous growth.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 05/74.
Date of creation: 01 Apr 2005
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-10-22 (All new papers)
- NEP-EFF-2005-10-22 (Efficiency & Productivity)
- NEP-INO-2005-10-22 (Innovation)
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