Matrix Exponential Stochastic Volatility with Cross Leverage

Tsuyoshi Nakamura and Hiroshi Ohashi
Additional contact information
Tsuyoshi Nakamura: Department of Economics, Tokyo Keizai Univeristy
Hiroshi Ohashi: Faculty of Economics, University of Tokyo

No CIRJE-F-813, CIRJE F-Series from CIRJE, Faculty of Economics, University of Tokyo

Abstract: This paper examines the economic impact of re-invention - the degree to which an innovation is modified by user - on industry growth and productivity. The paper focuses on two re-inventions made by a Japanese steel company; these inventions improved the productive efficiency of Austrian-made refining technology, namely, basic oxygen furnace (BOF). Results obtained from the plant-level production-function estimation indicate that re-inventions account for approximately 30 percent of the total factor productivity of the BOF, substantially promoting the dissemination of the BOF technology. Our simulation analysis indeed reveals that re-inventions contributed to steel output growth by about 14 percent. This paper also documents that innovating companies played the role of a "lead user" in developing and disseminating their re-invented technologies.

Date: 2011-08
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed

Downloads: (external link)
http://www.cirje.e.u-tokyo.ac.jp/research/dp/2011/2011cf813.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:tky:fseres:2011cf813

Access Statistics for this paper

More papers in CIRJE F-Series from CIRJE, Faculty of Economics, University of Tokyo
Contact information at EDIRC.
Series data maintained by CIRJE administrative office ().