| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP12261
|
| DP12261 Measuring Productivity and Absorptive Capacity Evolution in OECD Economies |
| Markus Eberhardt
|
| 发表日期 | 2017-08-31
|
| 出版年 | 2017
|
| 语种 | 英语
|
| 摘要 | We develop a new way to estimate cross-country production functions which allows us to parametrize unobserved non-factor inputs (total factor productivity) as a global technology process combined with country-specific time-varying absorptive capacity. The advantage of our approach is that we do not need to adopt proxies for absorptive capacity such as investments in research and development (R&D) or human capital, or specify explicit channels through which global technology can transfer to individual countries, such as trade, FDI or migration: we provide an endogenously-created index for relative absorptive capacity which is easy to interpret and encompasses potential proxies and channels. Our implementation adopts an unobserved component model and uses a Bayesian Markov Chain Monte Carlo (MCMC) algorithm to obtain posterior estimates for all model parameters. This contribution to empirical methodology allows researchers to employ widely-available data for factor inputs (capital, labor) and GDP or value-added in order to arrive at policy-relevant insights for industrial and innovation policy. Applying our methodology to a panel of 31 advanced economies we chart the dynamic evolution of global TFP and country-specific absorptive capacity and then demonstrate the close relationship between our estimates and salient indicators of growth-enhancing economic policy. |
| 主题 | Macroeconomics and Growth
|
| 关键词 | Total factor productivity
Absorptive capacity
Common factor model
Time-varying parameters
Unobserved component model
Mcmc
|
| URL | https://cepr.org/publications/dp12261
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541072
|
推荐引用方式
GB/T 7714 |
Markus Eberhardt. DP12261 Measuring Productivity and Absorptive Capacity Evolution in OECD Economies. 2017.
|
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