Human Capital, R&D and Competition in Macroeconomic Analysis

Erik Canton, Bert Minne, Ate Nieuwenhuis, Bert Smid and Marc van der Steeg
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Erik Canton: CPB Netherlands Bureau for Economic Policy Analysis
Bert Minne: CPB Netherlands Bureau for Economic Policy Analysis
Ate Nieuwenhuis: CPB Netherlands Bureau for Economic Policy Analysis
Bert Smid: CPB Netherlands Bureau for Economic Policy Analysis
Marc van der Steeg: CPB Netherlands Bureau for Economic Policy Analysis

No 38, Economics Working Papers from European Network of Economic Policy Research Institutes

Abstract: Long-run per capita economic growth is driven by productivity growth. Major determinants of productivity are investments in education and research, and the intensity of competition on product markets. While these ideas have been incorporated into modern growth theories and tested in empirical analyses, they have not yet found their way to applied macroeconomic models used to forecast economic developments. In this paper, we discuss various options to include human capital, R&D and product market competition in a macroeconomic framework. We also study how policy can affect the decisions to build human capital or to perform research, and how competition policy impacts on macroeconomic outcomes. We finally sketch how these mechanisms can be implemented into the large models used at the Netherlands Bureau for Economic Policy Analysis (CPB).

Keywords: Human capital; R&D; competition; applied macroeconomic models (search for similar items in EconPapers)
Pages: 64 pages
Date: 2005-08
New Economics Papers: this item is included in nep-com, nep-edu, nep-hrm and nep-mac
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