Engines of growth in the US economy

Thijs Ten Raa; Edward N. Wolff

doi:10.1016/S0954-349X(00)00029-1

Engines of growth in the US economy

Thijs Ten Raa, Edward N. Wolff

Research output: Contribution to journal › Article › peer-review

Abstract

There is good reason to believe that R&D influences on TFP growth in other sectors are indirect. For R&D to spill over, it must first be successful in the home sector. Indeed, observed spillovers conform better to TFP growth than to R&D in the upstream sectors. Sectoral TFP growth rates are thus inter-related. Solving the intersectoral TFP equation resolves overall TFP growth into sources of growth. The solution essentially eliminates the spillovers and amounts to a novel decomposition of TFP growth. The top 10 sectors are designated 'engines of growth' led by computers and office machinery. The results are contrasted with the standard, Domar decomposition of TFP growth.

Original language	English (US)
Pages (from-to)	473-489
Number of pages	17
Journal	Structural Change and Economic Dynamics
Volume	11
Issue number	4
DOIs	https://doi.org/10.1016/S0954-349X(00)00029-1
State	Published - 2000

Keywords

Input-output
Sources of growth
Spillovers

ASJC Scopus subject areas

Economics and Econometrics

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10.1016/S0954-349X(00)00029-1

Cite this

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title = "Engines of growth in the US economy",

abstract = "There is good reason to believe that R&D influences on TFP growth in other sectors are indirect. For R&D to spill over, it must first be successful in the home sector. Indeed, observed spillovers conform better to TFP growth than to R&D in the upstream sectors. Sectoral TFP growth rates are thus inter-related. Solving the intersectoral TFP equation resolves overall TFP growth into sources of growth. The solution essentially eliminates the spillovers and amounts to a novel decomposition of TFP growth. The top 10 sectors are designated 'engines of growth' led by computers and office machinery. The results are contrasted with the standard, Domar decomposition of TFP growth.",

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AU - Wolff, Edward N.

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AB - There is good reason to believe that R&D influences on TFP growth in other sectors are indirect. For R&D to spill over, it must first be successful in the home sector. Indeed, observed spillovers conform better to TFP growth than to R&D in the upstream sectors. Sectoral TFP growth rates are thus inter-related. Solving the intersectoral TFP equation resolves overall TFP growth into sources of growth. The solution essentially eliminates the spillovers and amounts to a novel decomposition of TFP growth. The top 10 sectors are designated 'engines of growth' led by computers and office machinery. The results are contrasted with the standard, Domar decomposition of TFP growth.

KW - Input-output

KW - Sources of growth

KW - Spillovers

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Engines of growth in the US economy

Abstract

Keywords

ASJC Scopus subject areas

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