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Does social capital explain the Solow residual? A DSGE approach

Author

Listed:
  • A. Argentiero
  • Roy Cerqueti

    (GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - Institut Agro Rennes Angers - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement)

  • F. Sabatini

Abstract

Social capital has been credited with playing a role in many desirable economic outcomes. We analyze how these potentially beneficial effects translate into the macro-performance of economies by developing a dynamic stochastic general equilibrium (DSGE) model featuring the role of social capital in the explanation of the Solow residual. We then simulate and estimate the model with Bayesian techniques using Italian data. Our framework fits actual data better than a standard DSGE model, suggesting that social capital may improve the economic performance via its impact on total factor productivity.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • A. Argentiero & Roy Cerqueti & F. Sabatini, 2021. "Does social capital explain the Solow residual? A DSGE approach," Post-Print hal-03789126, HAL.
    • Handle: RePEc:hal:journl:hal-03789126
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    Cited by:

    1. Asta Valackienė & Rafał Nagaj, 2021. "Shared Taxonomy for the Implementation of Responsible Innovation Approach in Industrial Ecosystems," Sustainability, MDPI, vol. 13(17), pages 1-21, September.
    2. Sun, Chuanwang & Xu, Zhehong & Zheng, Hongwei, 2023. "Green transformation of the building industry and the government policy effects: Policy simulation based on the DSGE model," Energy, Elsevier, vol. 268(C).

    More about this item

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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