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Type: IFS Working Papers Authors: Rachel Griffith, Stephen Redding and John Van Reenen ISSN: 1742-0415
Volume, issue, pages: 71 pp
JEL classification: O0, O3, O4 Keywords: R&D; human capital; Total Factor Productivity; convergence
Now published in: Review of Economics and Statistics [Details]
Many writers have claimed that R&D has two 'faces'. In addition to the conventional role of stimulating innovation, R&D enhances technology transfer by improving the ability of firms to learn about advances in the leading edge ('absorptive capacity'). In this paper we document that there has been convergence of TFP within a panel of industries across thirteen OECD countries since 1970. Furthermore, we find evidence that both R&D and human capital appear statistically and economically important in this catch up process as well as stimulating innovation directly. Trade, by contrast, plays a more modest role in productivity growth. Search |
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