TY - JOUR
T1 - The anatomy of growth in the OECD since 1870
AU - Madsen, Jakob B.
PY - 2010/9/1
Y1 - 2010/9/1
N2 - Conventional growth accounting exercises are extended in this paper to allow for endogeneity of capital, demographic transitions, age dependency, and employment rates, among other factors. Using data for the OECD countries in the period 1870-2006 it is shown that growth has been predominantly driven by demographics and TFP growth. TFP has, in turn, been driven by R&D, knowledge spillovers through the channel of imports, educational attainment, and the interaction between educational attainment and the distance to the technology frontier. The estimates suggest permanent growth effects of R&D and human capital.
AB - Conventional growth accounting exercises are extended in this paper to allow for endogeneity of capital, demographic transitions, age dependency, and employment rates, among other factors. Using data for the OECD countries in the period 1870-2006 it is shown that growth has been predominantly driven by demographics and TFP growth. TFP has, in turn, been driven by R&D, knowledge spillovers through the channel of imports, educational attainment, and the interaction between educational attainment and the distance to the technology frontier. The estimates suggest permanent growth effects of R&D and human capital.
KW - Demographic transition
KW - Endogenous growth models
KW - Human capital
UR - http://www.scopus.com/inward/record.url?scp=77956190772&partnerID=8YFLogxK
U2 - 10.1016/j.jmoneco.2010.05.014
DO - 10.1016/j.jmoneco.2010.05.014
M3 - Article
AN - SCOPUS:77956190772
SN - 0304-3932
VL - 57
SP - 753
EP - 767
JO - Journal of Monetary Economics
JF - Journal of Monetary Economics
IS - 6
ER -