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Joutz, Frederick L.

Relating the Knowledge Production Function to Total Factor Productivity An Endogenous Growth Puzzle / Frederick L Joutz. [electronic resource] : Frederick L Joutz. - Washington, D.C. : International Monetary Fund, 2005. - 1 online resource (39 p.) - IMF Working Papers; Working Paper ; No. 05/74 . - IMF Working Papers; Working Paper ; No. 05/74 .

The knowledge production function is central to R and D-based growth models. This paper empirically investigates the knowledge production function and intertemporal spillover effects using cointegration techniques. Time-series evidence suggests there are two long-run cointegrating relationships. The first captures a long-run knowledge production function; the second captures a long-run positive relationship between TFP and the knowledge stock. The results indicate the presence of strong intertemporal knowledge spillovers and that the long-run impact of the knowledge stock on TFP is small. This evidence is interpreted in light of existing theoretical and empirical evidence on endogenous growth.

ISBN: 1451860935 : 15.00 USD

ISSN: 1018-5941

Standard No.: 10.5089/9781451860931.001 doi

Subjects--Topical Terms:
Cointegration
Econometric Modeling
Economic Growth and Aggregate Productivity
Endogenous Growth
Equation
Knowledge Spillovers

Subjects--Geographic Terms:
United States