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and maintain an innovation advantage in the same fields over time. Our analysis covers 24 disruptive technologies (e.g. AI … growing innovation advantage over non-pioneer regions. This advantage is most pronounced in "super-cluster" regions, which are … leaders in both science and related innovation. These findings highlight the importance of early scientific leadership for …
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This paper examines how endogenizing technological progress in a multicountry macroeconometric model affects the analysis of fiscal policies. It uses an expanded version of the IMF’s multicountry model, MULTIMOD, in which total factor productivity (TFP) is endogenized as a function of domestic...
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As labor input in Japan shrinks with population aging, capital accumulation and productivity gains will drive growth over the medium-term. At the same time, a changing global landscape calls for a shift in export-oriented investment toward new markets and a new generation of products, as well as...
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The fundamental importance of economic institutions for economic growth through their impact on technological change has been argued, reconfirmed by recent empirical studies, but not examined theoretically. This paper tries to fill that gap. In the model proposed, economic growth is affected by...
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