Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/212104
Authors: 
Kilponen, Juha
Virén, Matti
Year of Publication: 
2008
Series/Report no.: 
Bank of Finland Research Discussion Papers No. 13/2008
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.
Subjects: 
growth
R&D
production function
patents
JEL: 
O40
E10
O43
Persistent Identifier of the first edition: 
ISBN: 
978-952-462-443-5
Document Type: 
Working Paper

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