Testing R&D-Based Endogenous Growth Models
Research output: Contribution to journal › Journal article › Research › peer-review
Documents
- Fulltext
Final published version, 599 KB, PDF document
This study examines US productivity growth through the lens of R&D-based growth models. A general R&D-based model, nesting different model varieties, is developed. These varieties are tested using a novel cointegrating relationship and US data for the period 1953–2018. The results provide evidence against the widely used fully endogenous variety and support for other varieties including the semi-endogenous variety. Further, the results are systematically consistent with the presence of fishing-out effects in knowledge production, implying that productivity-enhancing innovations become increasingly harder to achieve as technologies become more advanced. Forecasts suggest that the US productivity growth slowdown continues over the coming decades.
Original language | English |
---|---|
Journal | Oxford Bulletin of Economics and Statistics |
Volume | 85 |
Issue number | 5 |
Pages (from-to) | 1083-1110 |
ISSN | 0305-9049 |
DOIs | |
Publication status | Published - 2023 |
Bibliographical note
Publisher Copyright:
© 2023 The Author. Oxford Bulletin of Economics and Statistics published by Oxford University and John Wiley & Sons Ltd.
ID: 365709354