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Why do growth rates differ?: Evidence from cross-country data on private sector production

Juha Kilponen () and Matti Virén

No 13/2008, Research Discussion Papers from Bank of Finland

Abstract: We estimate a standard production function with a new cross-country data set on business sector production, wages and R&D investment for a selection of 14 OECD countries including the United States. The data sample covers the years 1960-2004. The data suggest that growth differences can largely be explained by capital deepening and an ability to produce new technology in the form of new patents. The importance of patents is magnified by the openness of the economy. We find some evidence of increasing elasticity of substitution over time, all though the results are sensitive to assumptions on the nature of technological progress. Keywords: growth, R&D, production function, patents JEL classification numbers: O40, E10, O43

JEL-codes: E10 O40 O43 (search for similar items in EconPapers)
Date: 2008-05-01
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Published in Published in Empirica, Volume 37, Number 3, July 2010, pp. 311-328

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