IDEAS home Printed from https://ideas.repec.org/p/eth/wpswif/09-118.html
   My bibliography  Save this paper

Hierarchical Growth: Basic and Applied Research

Author

Listed:

Abstract

We develop a model that incorporates salient features of growth in modern economies. We combine the expanding-variety growth model through horizontal innovations with a hierarchy of basic and applied research. The former extends the knowledge base, while the latter commercializes it. Two-way spillovers reinforce the productivity of research in each sector. We establish the existence of balanced growth paths. Along such paths the stock of ideas and the stock of commercialized blueprints for intermediate goods grow with the same rate. Basic research is a necessary and sufficient condition for economic growth. We show that there can be two different facets of growth in the economy. First, growth may be entirely shaped by investments in basic research if applied research operates at the knowledge frontier. Second, long-run growth may be shaped by both basic and applied research and growth can be further stimulated by research subsidies. We illustrate different types of growth processes by examples and polar cases when only upward or downward spillovers between basic and applied research are present.

Suggested Citation

  • Hans Gersbach & Gerhard Sorger & Christian Amon, 2009. "Hierarchical Growth: Basic and Applied Research," CER-ETH Economics working paper series 09/118, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
  • Handle: RePEc:eth:wpswif:09-118
    as

    Download full text from publisher

    File URL: https://www.ethz.ch/content/dam/ethz/special-interest/mtec/cer-eth/cer-eth-dam/documents/working-papers/WP-09-118.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Jeff S. Armstrong & Michael R. Darby & Lynne G. Zucker, 2003. "Commercializing knowledge: university science, knowledge capture and firm performance in biotechnology," Proceedings, Federal Reserve Bank of Dallas, issue Sep, pages 149-170.
    2. Barro, Robert J & Mankiw, N Gregory & Sala-i-Martin, Xavier, 1995. "Capital Mobility in Neoclassical Models of Growth," American Economic Review, American Economic Association, vol. 85(1), pages 103-115, March.
    3. Salter, Ammon J. & Martin, Ben R., 2001. "The economic benefits of publicly funded basic research: a critical review," Research Policy, Elsevier, vol. 30(3), pages 509-532, March.
    4. Acs, Zoltan J & Audretsch, David B & Feldman, Maryann P, 1994. "R&D Spillovers and Recipient Firm Size," The Review of Economics and Statistics, MIT Press, vol. 76(2), pages 336-340, May.
    5. Mansfield, Edwin, 1991. "Academic research and industrial innovation," Research Policy, Elsevier, vol. 20(1), pages 1-12, February.
    6. Chaves, Catari Vilela & Moro, Sueli, 2007. "Investigating the interaction and mutual dependence between science and technology," Research Policy, Elsevier, vol. 36(8), pages 1204-1220, October.
    7. Zvi Griliches, 1998. "Productivity, R&D, and Basic Research at the Firm Level in the 1970s," NBER Chapters, in: R&D and Productivity: The Econometric Evidence, pages 82-99, National Bureau of Economic Research, Inc.
    8. Rebecca Henderson & Adam B. Jaffe & Manuel Trajtenberg, 1998. "Universities As A Source Of Commercial Technology: A Detailed Analysis Of University Patenting, 1965-1988," The Review of Economics and Statistics, MIT Press, vol. 80(1), pages 119-127, February.
    9. Meyer, Martin, 2006. "Are patenting scientists the better scholars?: An exploratory comparison of inventor-authors with their non-inventing peers in nano-science and technology," Research Policy, Elsevier, vol. 35(10), pages 1646-1662, December.
    10. Charles I. Jones, 2002. "Sources of U.S. Economic Growth in a World of Ideas," American Economic Review, American Economic Association, vol. 92(1), pages 220-239, March.
    11. Jason Owen-Smith & Massimo Riccaboni & Fabio Pammolli & Walter W. Powell, 2002. "A Comparison of U.S. and European University-Industry Relations in the Life Sciences," Management Science, INFORMS, vol. 48(1), pages 24-43, January.
    12. Alvarez-Pelaez, Maria J. & Groth, Christian, 2005. "Too little or too much R&D?," European Economic Review, Elsevier, vol. 49(2), pages 437-456, February.
    13. Adams, James D & Chiang, Eric P & Starkey, Katara, 2001. "Industry-University Cooperative Research Centers," The Journal of Technology Transfer, Springer, vol. 26(1-2), pages 73-86, January.
    14. Jaffe, Adam B, 1989. "Real Effects of Academic Research," American Economic Review, American Economic Association, vol. 79(5), pages 957-970, December.
    15. Guido Cozzi & Silvia Galli, 2009. "Upstream Innovation Protection: Common Law Evolution and the Dynamics of Wage Inequality," Working Papers 2009_20, Business School - Economics, University of Glasgow.
    16. María Morales, 2004. "Research policy and endogenous growth," Spanish Economic Review, Springer;Spanish Economic Association, vol. 6(3), pages 179-209, October.
    17. Link, Albert N. & Scott, John T., 2005. "Opening the ivory tower's door: An analysis of the determinants of the formation of U.S. university spin-off companies," Research Policy, Elsevier, vol. 34(7), pages 1106-1112, September.
    18. Ola Olsson, 2005. "Technological Opportunity and Growth," Journal of Economic Growth, Springer, vol. 10(1), pages 31-53, January.
    19. Giammario Impullitti, 2010. "International Competition And U.S. R&D Subsidies: A Quantitative Welfare Analysis," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 51(4), pages 1127-1158, November.
    20. Cockburn, Iain M & Henderson, Rebecca M, 1998. "Absorptive Capacity, Coauthoring Behavior, and the Organization of Research in Drug Discovery," Journal of Industrial Economics, Wiley Blackwell, vol. 46(2), pages 157-182, June.
    21. Wesley M. Cohen & Richard R. Nelson & John P. Walsh, 2003. "Links and Impacts: The Influence of Public Research on Industrial R&D," Chapters, in: Aldo Geuna & Ammon J. Salter & W. Edward Steinmueller (ed.), Science and Innovation, chapter 4, Edward Elgar Publishing.
    22. Rosenberg, Nathan, 1992. "Scientific instrumentation and university research," Research Policy, Elsevier, vol. 21(4), pages 381-390, August.
    23. Gancia, Gino & Zilibotti, Fabrizio, 2005. "Horizontal Innovation in the Theory of Growth and Development," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 3, pages 111-170, Elsevier.
    24. Meyer-Krahmer, Frieder & Schmoch, Ulrich, 1998. "Science-based technologies: university-industry interactions in four fields," Research Policy, Elsevier, vol. 27(8), pages 835-851, December.
    25. Guido Cozzi & Silvia Galli, 2014. "Sequential R&D and blocking patents in the dynamics of growth," Journal of Economic Growth, Springer, vol. 19(2), pages 183-219, June.
    26. Zvi Griliches, 1998. "Issues in Assessing the Contribution of Research and Development to Productivity Growth," NBER Chapters, in: R&D and Productivity: The Econometric Evidence, pages 17-45, National Bureau of Economic Research, Inc.
    27. Peretto, Pietro F. & Seater, John J., 2013. "Factor-eliminating technical change," Journal of Monetary Economics, Elsevier, vol. 60(4), pages 459-473.
    28. Charles I. Jones & John C. Williams, 1998. "Measuring the Social Return to R&D," The Quarterly Journal of Economics, Oxford University Press, vol. 113(4), pages 1119-1135.
    29. Paula Stephan & Shiferaw Gurmu & Albert Sumell & Grant Black, 2007. "Who'S Patenting In The University? Evidence From The Survey Of Doctorate Recipients," Economics of Innovation and New Technology, Taylor & Francis Journals, vol. 16(2), pages 71-99.
    30. Guido Cozzi & Silvia Galli, "undated". "Privatization of Knowledge: Did the U.S. Get It Right?," Working Papers 2008_01, Business School - Economics, University of Glasgow.
    31. Guido Cozzi & Silvia Galli, 2009. "Science-Based R&D In Schumpeterian Growth," Scottish Journal of Political Economy, Scottish Economic Society, vol. 56(s1), pages 474-491, September.
    32. Olsson, Ola, 2000. "Knowledge as a Set in Idea Space: An Epistemological View on Growth," Journal of Economic Growth, Springer, vol. 5(3), pages 253-275, September.
    33. Crespi, Gustavo A. & Geuna, Aldo, 2008. "An empirical study of scientific production: A cross country analysis, 1981-2002," Research Policy, Elsevier, vol. 37(4), pages 565-579, May.
    34. 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.
    35. N. Gregory Mankiw & David Romer & David N. Weil, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 107(2), pages 407-437.
    36. Welsh, Rick & Glenna, Leland & Lacy, William & Biscotti, Dina, 2008. "Close enough but not too far: Assessing the effects of university-industry research relationships and the rise of academic capitalism," Research Policy, Elsevier, vol. 37(10), pages 1854-1864, December.
    37. Ajay Agrawal & Rebecca Henderson, 2002. "Putting Patents in Context: Exploring Knowledge Transfer from MIT," Management Science, INFORMS, vol. 48(1), pages 44-60, January.
    38. Jakub Growiec & Ingmar Schumacher, 2013. "Technological opportunity, long-run growth, and convergence," Oxford Economic Papers, Oxford University Press, vol. 65(2), pages 323-351, April.
    39. Marie Thursby & Richard Jensen, 2001. "Proofs and Prototypes for Sale: The Licensing of University Inventions," American Economic Review, American Economic Association, vol. 91(1), pages 240-259, March.
    40. Peretto, Pietro F., 2003. "Endogenous market structure and the growth and welfare effects of economic integration," Journal of International Economics, Elsevier, vol. 60(1), pages 177-201, May.
    41. Zellner, Christian, 2003. "The economic effects of basic research: evidence for embodied knowledge transfer via scientists' migration," Research Policy, Elsevier, vol. 32(10), pages 1881-1895, December.
    42. Bloom, Nick & Griffith, Rachel & Van Reenen, John, 2002. "Do R&D tax credits work? Evidence from a panel of countries 1979-1997," Journal of Public Economics, Elsevier, vol. 85(1), pages 1-31, July.
    43. Mansfield, Edwin, 1998. "Academic research and industrial innovation: An update of empirical findings1," Research Policy, Elsevier, vol. 26(7-8), pages 773-776, April.
    44. Brooks, Harvey, 1994. "The relationship between science and technology," Research Policy, Elsevier, vol. 23(5), pages 477-486, September.
    45. Li, Chol-Won, 2002. "Growth and scale effects: the role of knowledge spillovers," Economics Letters, Elsevier, vol. 74(2), pages 177-185, January.
    46. Mansfield, Edwin, 1992. "Academic research and industrial innovation: A further note," Research Policy, Elsevier, vol. 21(3), pages 295-296, June.
    47. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 71-102, October.
    48. Bania, Neil & Eberts, Randall W & Fogarty, Michael S, 1993. "Universities and the Startup of New Companies: Can We Generalize from Route 128 and Silicon Valley?," The Review of Economics and Statistics, MIT Press, vol. 75(4), pages 761-766, November.
    49. Jeannette Colyvas & Michael Crow & Annetine Gelijns & Roberto Mazzoleni & Richard R. Nelson & Nathan Rosenberg & Bhaven N. Sampat, 2002. "How Do University Inventions Get Into Practice?," Management Science, INFORMS, vol. 48(1), pages 61-72, January.
    50. Acs, Zoltan J & Audretsch, David B & Feldman, Maryann P, 1992. "Real Effects of Academic Research: Comment," American Economic Review, American Economic Association, vol. 82(1), pages 363-367, March.
    51. Richard R. Nelson, 2006. "The Market Economy and the Scientific Commons," Chapters, in: Birgitte Andersen (ed.), Intellectual Property Rights, chapter 1, Edward Elgar Publishing.
    52. Mark Funk, 2002. "Basic Research and International Spillovers," International Review of Applied Economics, Taylor & Francis Journals, vol. 16(2), pages 217-226.
    53. Nelson, Richard R, 1986. "Institutions Supporting Technical Advance in Industry," American Economic Review, American Economic Association, vol. 76(2), pages 186-189, May.
    54. Pavitt, Keith, 1991. "What makes basic research economically useful?," Research Policy, Elsevier, vol. 20(2), pages 109-119, April.
    55. Peretto, Pietro F., 1999. "Cost reduction, entry, and the interdependence of market structure and economic growth," Journal of Monetary Economics, Elsevier, vol. 43(1), pages 173-195, February.
    56. Guido Cozzi & Silvia Galli, 2009. "Science‐Based R&D In Schumpeterian Growth," Scottish Journal of Political Economy, Scottish Economic Society, vol. 56(4), pages 474-491, September.
    57. Park, Walter G., 1998. "A theoretical model of government research and growth," Journal of Economic Behavior & Organization, Elsevier, vol. 34(1), pages 69-85, January.
    58. Perkmann, Markus & Walsh, Kathryn, 2008. "Engaging the scholar: Three types of academic consulting and their impact on universities and industry," Research Policy, Elsevier, vol. 37(10), pages 1884-1891, December.
    59. Geuna, Aldo & Nesta, Lionel J.J., 2006. "University patenting and its effects on academic research: The emerging European evidence," Research Policy, Elsevier, vol. 35(6), pages 790-807, July.
    60. Karl Shell, 2010. "A Model of Inventive Activity and Capital Accumulation," Levine's Working Paper Archive 1409, David K. Levine.
    61. Zucker, Lynne G & Darby, Michael R & Brewer, Marilynn B, 1998. "Intellectual Human Capital and the Birth of U.S. Biotechnology Enterprises," American Economic Review, American Economic Association, vol. 88(1), pages 290-306, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Gersbach, Hans & Schneider, Maik T., 2015. "On the global supply of basic research," Journal of Monetary Economics, Elsevier, vol. 75(C), pages 123-137.
    2. Werner, Katharina & Prettner, Klaus, 2014. "Human capital, basic research, and applied research: three dimensions of human knowledge and their differential growth effects," VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy 100448, Verein für Socialpolitik / German Economic Association.
    3. Hans Gersbach & Ulrich Schetter & Maik T Schneider, 2019. "Taxation, Innovation and Entrepreneurship," Economic Journal, Royal Economic Society, vol. 129(620), pages 1731-1781.
    4. Cozzi, Guido & Galli, Silvia, 2011. "Privatization of Knowledge: Did the U.S. Get It Right? (New Version)," MPRA Paper 29710, University Library of Munich, Germany.
    5. Chu, Angus C. & Cozzi, Guido & Galli, Silvia, 2012. "Does intellectual monopoly stimulate or stifle innovation?," European Economic Review, Elsevier, vol. 56(4), pages 727-746.
    6. Prettner, Klaus, 2012. "Public education, technological change and economic prosperity: semi-endogenous growth revisited," VfS Annual Conference 2012 (Goettingen): New Approaches and Challenges for the Labor Market of the 21st Century 65414, Verein für Socialpolitik / German Economic Association.
    7. Liu Li & Chaoying Tang, 2020. "How Does Inter-Organizational Cooperation Impact Organizations’ Scientific Knowledge Generation? Evidence from the Biomass Energy Field," Sustainability, MDPI, Open Access Journal, vol. 13(1), pages 1-18, December.
    8. Lehmann-Hasemeyer, Sibylle H. & Prettner, Klaus & Tscheuschner, Paul, 2020. "The scientific revolution and its role in the transition to sustained economic growth," Hohenheim Discussion Papers in Business, Economics and Social Sciences 06-2020, University of Hohenheim, Faculty of Business, Economics and Social Sciences.
    9. Balistreri, Edward J. & Hillberry, Russell H. & Rutherford, Thomas F., 2010. "Trade and welfare: Does industrial organization matter?," Economics Letters, Elsevier, vol. 109(2), pages 85-87, November.
    10. Werner, Katharina & Prettner, Klaus, 2015. "Public education and R&D-based economic growth," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112997, Verein für Socialpolitik / German Economic Association.
    11. De Fraja, Gianni, 2011. "A Theoretical Analysis of Public Funding for Research," CEPR Discussion Papers 8442, C.E.P.R. Discussion Papers.
    12. Kunihiko Konishi, 2018. "Basic and Applied Research: A Welfare Analysis," The Japanese Economic Review, Springer, vol. 69(4), pages 414-437, December.
    13. Broberg, J. Christian & McKelvie, Alexander & Short, Jeremy C. & Ketchen, David J. & Wan, William P., 2013. "Political institutional structure influences on innovative activity," Journal of Business Research, Elsevier, vol. 66(12), pages 2574-2580.
    14. Heinz Hollenstein, 2013. "Wirtschaftliche Rahmenbedingungen als Element der Innovationspolitik," KOF Analysen, KOF Swiss Economic Institute, ETH Zurich, vol. 7(2), pages 47-55, June.
    15. Prettner, Klaus, 2012. "Public education and economic prosperity: Semi-endogenous growth revisited," ECON WPS - Working Papers in Economic Theory and Policy 02/2012, TU Wien, Institute of Statistics and Mathematical Methods in Economics, Economics Research Unit.
    16. Prettner, Klaus & Werner, Katharina, 2016. "Why it pays off to pay us well: The impact of basic research on economic growth and welfare," Research Policy, Elsevier, vol. 45(5), pages 1075-1090.
    17. Prettner, Klaus, 2013. "Public education, technological change and economic prosperity," Center for European, Governance and Economic Development Research Discussion Papers 149, University of Goettingen, Department of Economics.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Beck, Mathias & Junge, Martin & Kaiser, Ulrich, 2017. "Public Funding and Corporate Innovation," IZA Discussion Papers 11196, Institute of Labor Economics (IZA).
    2. Larsen, Maria Theresa, 2011. "The implications of academic enterprise for public science: An overview of the empirical evidence," Research Policy, Elsevier, vol. 40(1), pages 6-19, February.
    3. Hans Gersbach & Maik Schneider & Olivier Schneller, 2013. "Basic research, openness, and convergence," Journal of Economic Growth, Springer, vol. 18(1), pages 33-68, March.
    4. Foray, Dominique & Lissoni, Francesco, 2010. "University Research and Public–Private Interaction," Handbook of the Economics of Innovation, in: Bronwyn H. Hall & Nathan Rosenberg (ed.), Handbook of the Economics of Innovation, edition 1, volume 1, chapter 0, pages 275-314, Elsevier.
    5. Stephan, Paula E., 2010. "The Economics of Science," Handbook of the Economics of Innovation, in: Bronwyn H. Hall & Nathan Rosenberg (ed.), Handbook of the Economics of Innovation, edition 1, volume 1, chapter 0, pages 217-273, Elsevier.
    6. Gersbach, Hans & Schneider, Maik T., 2015. "On the global supply of basic research," Journal of Monetary Economics, Elsevier, vol. 75(C), pages 123-137.
    7. Cohen, Wesley M., 2010. "Fifty Years of Empirical Studies of Innovative Activity and Performance," Handbook of the Economics of Innovation, in: Bronwyn H. Hall & Nathan Rosenberg (ed.), Handbook of the Economics of Innovation, edition 1, volume 1, chapter 0, pages 129-213, Elsevier.
    8. Tijssen, Robert J. W., 2004. "Is the commercialisation of scientific research affecting the production of public knowledge?: Global trends in the output of corporate research articles," Research Policy, Elsevier, vol. 33(5), pages 709-733, July.
    9. Prettner, Klaus & Werner, Katharina, 2016. "Why it pays off to pay us well: The impact of basic research on economic growth and welfare," Research Policy, Elsevier, vol. 45(5), pages 1075-1090.
    10. Nobuya Fukugawa, 2011. "Impacts and channels of university spillovers before the national innovation system reform in Japan," International Journal of Transitions and Innovation Systems, Inderscience Enterprises Ltd, vol. 1(4), pages 383-393.
    11. Richard M. H. Suen, 2013. "Research Policy and U.S. Economic Growth," Working papers 2013-18, University of Connecticut, Department of Economics.
    12. Isabel Maria Bodas Freitas & Aldo Geuna & Federica Rossi, 2011. "University–Industry Interactions: The Unresolved Puzzle," Chapters, in: Cristiano Antonelli (ed.), Handbook on the Economic Complexity of Technological Change, chapter 11, Edward Elgar Publishing.
    13. Walter, Sascha G. & Schmidt, Arne & Walter, Achim, 2016. "Patenting rationales of academic entrepreneurs in weak and strong organizational regimes," Research Policy, Elsevier, vol. 45(2), pages 533-545.
    14. Wipo, 2011. "World Intellectual Property Report 2011- The Changing Face of Innovation," WIPO Economics & Statistics Series, World Intellectual Property Organization - Economics and Statistics Division, number 2011:944, March.
    15. Nelson, Andrew J., 2012. "Putting university research in context: Assessing alternative measures of production and diffusion at Stanford," Research Policy, Elsevier, vol. 41(4), pages 678-691.
    16. Keld Laursen & Ammon Salter, 2003. "Searching Low and High What Types of Firms use Universities as a Source of Innovation?," DRUID Working Papers 03-16, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    17. Vadim Grinevich, 2013. "Region-specific productivity competitiveness and the universityindustry interface," Chapters, in: Tüzin Baycan (ed.), Knowledge Commercialization and Valorization in Regional Economic Development, chapter 9, pages 184-208, Edward Elgar Publishing.
    18. Gersbach, Hans & Schetter, Ulrich & Schneider, Maik, 2015. "How Much Science? The 5 Ws (and 1 H) of Investing in Basic Research," CEPR Discussion Papers 10482, C.E.P.R. Discussion Papers.
    19. Samantha Bradley & Christopher Hayter & Albert Link, 2013. "Proof of Concept Centers in the United States: an exploratory look," The Journal of Technology Transfer, Springer, vol. 38(4), pages 349-381, August.
    20. Salter, Ammon J. & Martin, Ben R., 2001. "The economic benefits of publicly funded basic research: a critical review," Research Policy, Elsevier, vol. 30(3), pages 509-532, March.

    More about this item

    Keywords

    Basic research; applied research; knowledge base; commercialization; hierarchical economic growth;
    All these keywords.

    JEL classification:

    • H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eth:wpswif:09-118. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: https://edirc.repec.org/data/iwethch.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (email available below). General contact details of provider: https://edirc.repec.org/data/iwethch.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.