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How important is innovation? A Bayesian factor-augmented productivity model on panel data

  • Georges Bresson
  • Jean-Michel Etienne
  • Pierre Mohnen

This paper proposes a Bayesian approach to estimate a factor augmented productivity equation. We exploit the panel dimension of our data and distinguish individual-specific and time-specific factors. On the basis of 21 technology, infrastructure and institution indicators from 82 countries over a 19-year period 1990 to 2008, we construct summary indicators of these three components and estimate their effect on the growth and the international differences in GDP per capita.

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File URL: http://tepp.eu/RePEc/files/teppwp/TEPP-wp-11-06-jb-jme-pm.pdf
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Paper provided by TEPP in its series TEPP Working Paper with number 2011-06.

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Date of creation: 2011
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Handle: RePEc:tep:teppwp:wp11-06
Contact details of provider: Postal: Université Paris-Est Marne La Vallée, 5 bd Descartes, 77454 Champs sur Marne
Web page: http://www.tepp.eu/

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  1. Jan Fagerberg & Martin Srholec & Bart Verspagen, 2010. "The Role of Innovation in Development," Review of Economics and Institutions, Università di Perugia, vol. 1(2).
  2. Hecq, Alain & Palm, Franz C. & Urbain, Jean-Pierre, 2006. "Common cyclical features analysis in VAR models with cointegration," Journal of Econometrics, Elsevier, vol. 132(1), pages 117-141, May.
  3. Fagerberg, Jan & Srholec, Martin, 2008. "National innovation systems, capabilities and economic development," Research Policy, Elsevier, vol. 37(9), pages 1417-1435, October.
  4. Pagan, Adrian, 1984. "Econometric Issues in the Analysis of Regressions with Generated Regressors," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 25(1), pages 221-47, February.
  5. Georges Bresson & Cheng Hsiao & Alain Pirotte, 2011. "Assessing the contribution of R&D to total factor productivity—a Bayesian approach to account for heterogeneity and heteroskedasticity," AStA Advances in Statistical Analysis, Springer, vol. 95(4), pages 435-452, December.
  6. Emanuel Moench & Serena Ng & Simon Potter, 2009. "Dynamic hierarchical factor models," Staff Reports 412, Federal Reserve Bank of New York.
  7. Bresson G. & Hsiao C., 2008. "A Functional Connectivity Approach for Modeling Cross-Sectional Dependence with an Application to the Estimation of Hedonic Housing Prices in Paris," Working Papers ERMES 0810, ERMES, University Paris 2.
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