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Relating the Knowledge Production Function to Total Factor Productivity: An Endogenous Growth Puzzle

  • Yasser Abdih

    (International Monetary Fund)

  • Frederick Joutz

    (International Monetary Fund)

The knowledge production function is central to research and development-based growth models. This paper empirically investigates the knowledge production function and intertemporal spillover effects using cointegration techniques. Timeseries 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 total factor productivity (TFP) and the knowledge stock. The results indicate that strong intertemporal knowledge spillovers are present 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. Copyright 2006, International Monetary Fund

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Article provided by Palgrave Macmillan in its journal IMF Staff Papers.

Volume (Year): 53 (2006)
Issue (Month): 2 ()
Pages: 3

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Handle: RePEc:pal:imfstp:v:53:y:2006:i:2:p:3
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