Relating the Knowledge Production Function to Total Factor Productivity: An Endogenous Growth Puzzle

Fred Joutz and Yasser Abdih

No 2005/074, IMF Working Papers from International Monetary Fund

Abstract: The knowledge production function is central to R&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.

Keywords: WP; production function; growth rate (search for similar items in EconPapers)
Pages: 39
Date: 2005-04-01
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Citations: View citations in EconPapers (22)

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Journal Article: Relating the Knowledge Production Function to Total Factor Productivity: An Endogenous Growth Puzzle (2006)
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