An R&D-based Model of Multi-sector Growth

L. Rachel Ngai

No 349, 2007 Meeting Papers from Society for Economic Dynamics

Abstract: We develop a multi-sector general equilibrium model in which productivity growth is driven by the production of sector-specific knowledge. In the model, we find that long run differences in total factor productivity growth across sectors are independent of the parameters of the knowledge production function except for one, which we term the fertility of knowledge. Differences in R&D intensity are also independent of most other parameters. The fertility of knowledge in the capital sector is central to the growth properties of the model economy.

Date: 2007
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Related works:
Working Paper: An R&D-Based Model of Multi-Sector Growth (2006)
Working Paper: An R&D-based model of multi-sector growth (2006)
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