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An R&D-based model of multi-sector growth

By L. Rachel Ngai and Roberto M. Samaniego

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

Topics: HB Economic Theory
Publisher: Centre for Economic Performance, London School of Economics and Political Science
Year: 2006
OAI identifier: oai:eprints.lse.ac.uk:3527
Provided by: LSE Research Online

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