Testing R&D-Based Endogenous Growth Models
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Testing R&D-Based Endogenous Growth Models. / Kruse-Andersen, Peter K.
I: Oxford Bulletin of Economics and Statistics, Bind 85, Nr. 5, 2023, s. 1083-1110.Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt
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TY - JOUR
T1 - Testing R&D-Based Endogenous Growth Models
AU - Kruse-Andersen, Peter K.
N1 - Publisher Copyright: © 2023 The Author. Oxford Bulletin of Economics and Statistics published by Oxford University and John Wiley & Sons Ltd.
PY - 2023
Y1 - 2023
N2 - This study examines US productivity growth through the lens of R&D-based growth models. A general R&D-based model, nesting different model varieties, is developed. These varieties are tested using a novel cointegrating relationship and US data for the period 1953–2018. The results provide evidence against the widely used fully endogenous variety and support for other varieties including the semi-endogenous variety. Further, the results are systematically consistent with the presence of fishing-out effects in knowledge production, implying that productivity-enhancing innovations become increasingly harder to achieve as technologies become more advanced. Forecasts suggest that the US productivity growth slowdown continues over the coming decades.
AB - This study examines US productivity growth through the lens of R&D-based growth models. A general R&D-based model, nesting different model varieties, is developed. These varieties are tested using a novel cointegrating relationship and US data for the period 1953–2018. The results provide evidence against the widely used fully endogenous variety and support for other varieties including the semi-endogenous variety. Further, the results are systematically consistent with the presence of fishing-out effects in knowledge production, implying that productivity-enhancing innovations become increasingly harder to achieve as technologies become more advanced. Forecasts suggest that the US productivity growth slowdown continues over the coming decades.
U2 - 10.1111/obes.12552
DO - 10.1111/obes.12552
M3 - Journal article
AN - SCOPUS:85151989333
VL - 85
SP - 1083
EP - 1110
JO - Oxford Bulletin of Economics and Statistics
JF - Oxford Bulletin of Economics and Statistics
SN - 0305-9049
IS - 5
ER -
ID: 365709354