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Externalities and Growth Accounting

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Author Info
Jess Benhabib
Boyan Jovanovic

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Abstract

We reexamine several bodies of data on the growth of output, labor, and capital, within the context of a model that admits the possibility of an externality to the capital input. The model is an augmented version of Paul Romer's (1987) reformulation of the Solow model. Unlike Romer, however, we find no evidence of an externality to capital. This finding implies nothing about the size of possible spillovers in the creation of knowledge because in our model, causality runs exclusively from knowledge to capital.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3190.

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Date of creation: Nov 1989
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Publication status: published as The American Economic Review, Vol. 81, No. 1, pp. 82-113, (March 1991).
Handle: RePEc:nbr:nberwo:3190

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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. Jovanovic, Boyan & MacDonald, Glenn M., 1988. "Competitive Diffusion," Working Papers 88-29, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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  2. Shleifer, Andrei, 1986. "Implementation Cycles," Journal of Political Economy, University of Chicago Press, vol. 94(6), pages 1163-90, December. [Downloadable!] (restricted)
  3. Lach, Saul & Schankerman, Mark, 1989. "Dynamics of R&D and Investment in the Scientific Sector," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 880-904, August. [Downloadable!] (restricted)
  4. Campbell, John Y & Mankiw, N Gregory, 1987. "Are Output Fluctuations Transitory?," The Quarterly Journal of Economics, MIT Press, vol. 102(4), pages 857-80, November. [Downloadable!] (restricted)
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  5. Blume, Lawrence & Easley, David & O'Hara, Maureen, 1982. "Characterization of optimal plans for stochastic dynamic programs," Journal of Economic Theory, Elsevier, vol. 28(2), pages 221-234, December. [Downloadable!] (restricted)
  6. Jovanovic, Boyan & Rob, Rafael, 1989. "The Growth and Diffusion of Knowledge," Review of Economic Studies, Blackwell Publishing, vol. 56(4), pages 569-82, October. [Downloadable!] (restricted)
  7. Cochrane, John H, 1988. "How Big Is the Random Walk in GNP?," Journal of Political Economy, University of Chicago Press, vol. 96(5), pages 893-920, October. [Downloadable!] (restricted)
  8. Barro, Robert J, 1988. "The Persistence of Unemployment," American Economic Review, American Economic Association, vol. 78(2), pages 32-37, May. [Downloadable!] (restricted)
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  1. Mody, Ashoka & Yilmaz, Kamil & DEC, 1994. "Is there persistence in the growth of manufactured exports? Evidence from newly industrializing countries," Policy Research Working Paper Series 1276, The World Bank. [Downloadable!]
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  2. KOCH, Wilfried, 2006. "Total Factor Productivity equation and development accounting: New evidence," LEG - Document de travail - Economie 2006-04, LEG, Laboratoire d'Economie et de Gestion, CNRS UMR 5118, Université de Bourgogne. [Downloadable!]
  3. Xiaokai Yang, 1999. "The Division of Labor, Investment, and Capital," CID Working Papers 8, Center for International Development at Harvard University. [Downloadable!]
    Other versions:
  4. KOCH, Wilfried, 2004. "Effets de voisinage dans le modèle de Solow avec des externalités spatiales," LEG - Document de travail - Economie 2004-06, LEG, Laboratoire d'Economie et de Gestion, CNRS UMR 5118, Université de Bourgogne. [Downloadable!]
  5. Robert C. Feenstra & James R. Markusen, 1992. "Accounting for Growth With New Inputs," NBER Working Papers 4114, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  6. G Cameron, 1996. "Innovation and Economic Growth," CEP Discussion Papers 0277, Centre for Economic Performance, LSE. [Downloadable!]
  7. James A. Schmitz, Jr., 1993. "Early progress on the "problem of economic development"," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 17-35. [Downloadable!]
  8. Lindström, Tomas, 1999. "External Economies at the Firm Level: Evidence from Swedish Manufacturing," Working Paper Series 89, Sveriges Riksbank (Central Bank of Sweden). [Downloadable!]
  9. Magnus Blomstrom & Robert E. Lipsey & Mario Zejan, 1996. "Is Fixed Investment the Key to Economic Growth?," NBER Working Papers 4436, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  10. Jang-Ting Guo & Kevin J. Lansing, 1994. "The welfare effects of tax simplification: a general-equilibrium analysis," Working Paper 9409, Federal Reserve Bank of Cleveland. [Downloadable!]
  11. Mark M. Spiegel, 2001. "Financial development and growth: are the APEC nations unique?," Pacific Basin Working Paper Series 01-04, Federal Reserve Bank of San Francisco. [Downloadable!]
  12. Jess Benhabib & Mark M. Spiegel, 1997. "Growth and investment across countries," Working Papers in Applied Economic Theory 97-03, Federal Reserve Bank of San Francisco. [Downloadable!]
  13. Marin, Dalia & Koman, Reinhard, 2005. "Human Capital and Macroeconomic Growth: Austria and Germany 1960-1997. An Update," Discussion Papers in Economics 569, University of Munich, Department of Economics. [Downloadable!]
    Other versions:
  14. Scott L. Baier & Gerald P. Dwyer, Jr. & Robert Tamura, 2002. "How important are capital and total factor productivity for economic growth?," Working Paper 2002-2a, Federal Reserve Bank of Atlanta. [Downloadable!]
    Other versions:
  15. Trostel, P.A., 2000. "Micro Evidence on Human Capital as the Engine of Growth," The Warwick Economics Research Paper Series (TWERPS) 555, University of Warwick, Department of Economics. [Downloadable!]
  16. John S. Irons, . "Assessing the Stability of Aggregate Productivity Growth in the United States: 1889-1989," Home Pages _001, Massachussets Institute of Technology, Economics. [Downloadable!]
  17. Patrick Pintus, 2004. "International Capital Mobility and Aggregate Volatility: the Case of Credit-Rationed Open Economies," Computing in Economics and Finance 2004 193, Society for Computational Economics. [Downloadable!]
  18. Renelt, David, 1991. "Economic growth : a review of the theoretical and empirical literature," Policy Research Working Paper Series 678, The World Bank. [Downloadable!]
  19. Abdelhak Senhadji, 2000. "Sources of Economic Growth: An Extensive Growth Accounting Exercise," IMF Staff Papers, Palgrave Macmillan Journals, vol. 47(1), pages 6. [Downloadable!] (restricted)
  20. Jonathan Temple, 2006. "Aggregate Production Functions and Growth Economics," International Review of Applied Economics, Taylor and Francis Journals, vol. 20(3), pages 301-317, July. [Downloadable!] (restricted)
  21. Robin Johnson & W A Razzak & Steve Stillman, 2005. "Has New Zealand benefited from its investments in research & development?," Development and Comp Systems 0510022, EconWPA. [Downloadable!]
    Other versions:
  22. Carlos Esteban Posada P., 2004. "Causas del desarrollo y mecánica del crecimiento," Method and Hist of Econ Thought 0411003, EconWPA. [Downloadable!]
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