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How Important Is Innovation? A Bayesian Factor-Augmented Productivity Model Based On Panel Data

Author

Listed:
  • Georges Bresson

    (CRED - Centre de Recherche en Economie et Droit - UP2 - Université Panthéon-Assas)

  • Jean-Michel Etienne

    (RITM - Réseaux Innovation Territoires et Mondialisation - UP11 - Université Paris-Sud - Paris 11)

  • Pierre Mohnen

    (Maastricht University [Maastricht])

Abstract

This paper proposes a Bayesian approach to estimating a factor-augmented GDP per capita equation. We exploit the panel dimension of our data and distinguish between individual-specific and time-specific factors. On the basis of 21 technology, infrastructure, and institutional indicators from 82 countries over a 19-year period (1990 to 2008), we construct summary indicators of each of these three components in the cross-sectional dimension and an overall indicator of all 21 indicators in the time-series dimension and estimate their effects on growth and international differences in GDP per capita. For most countries, more than 50% of GDP per capita is explained by the four common factors we have introduced. Infrastructure is the greatest contributor to total factor productivity, followed by technology and institutions.
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Suggested Citation

  • Georges Bresson & Jean-Michel Etienne & Pierre Mohnen, 2016. "How Important Is Innovation? A Bayesian Factor-Augmented Productivity Model Based On Panel Data," Post-Print hal-04149263, HAL.
    • Handle: RePEc:hal:journl:hal-04149263
    DOI: 10.1017/s1365100515000371
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    Cited by:

    1. Badi H. Baltagi & Georges Bresson & Jean-Michel Etienne, 2020. "Growth Empirics: a Bayesian Semiparametric Model With Random Coefficients for a Panel of OECD Countries," Advances in Econometrics, in: Essays in Honor of Cheng Hsiao, volume 41, pages 217-253, Emerald Group Publishing Limited.
    2. Lingyan Xu & Dandan Wang & Jianguo Du, 2021. "The Heterogeneous Influence of Infrastructure Construction on China’s Urban Green and Smart Development—The Threshold Effect of Urban Scale," Land, MDPI, vol. 10(10), pages 1-17, September.

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