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An R&D-based Model of Multi-sector Growth

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  • Rachel L. Ngai

    (Longon School of Economics)

Abstract

We develop a multi-sector general equilibrium model in which productivity growth is driven by the production of sector-specific knowledge. In the model, we find that long run differences in total factor productivity growth across sectors are independent of the parameters of the knowledge production function except for one, which we term the fertility of 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 model economy.

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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2007 Meeting Papers with number 349.

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Date of creation: 2007
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Handle: RePEc:red:sed007:349

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